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Suppose in a certain community, there will be M(r) thousand refinanced mortgages when the 30-year fixed mortgage rate is r%, where M(r) 1 + 0.05r for 1 r≤8 1 + 0.004,² a. For what values of r is M(r) increasing? b. For what interest rate r is the number of refinanced mortgages maximized? What is this maximum number?

Suppose in a certain community, there will be M(r) thousand refinanced mortgages when the 30-year fixed mortgage rate is r%, where M(r) 1 + 0.05r for 1 r≤8 1 + 0.004,² a. For what values of r is M(r) increasing? b. For what interest rate r is the number of refinanced mortgages maximized? What is this maximum number?

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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Suppose in a certain community, there will be M(r) thousand refinanced mortgages when the 30-year fixed mortgage rate is r%, where M(r) 1 + 0.05r for 1 r≤8 1 + 0.004,² a. For what values of r is M(r) increasing? b. For what interest rate r is the number of refinanced mortgages maximized? What is this maximum number?
Transcribed Image Text:Suppose in a certain community, there will be M(r) thousand refinanced mortgages when the 30-year fixed mortgage rate is r%, where M(r) 1 + 0.05r for 1 r≤8 1 + 0.004,² a. For what values of r is M(r) increasing? b. For what interest rate r is the number of refinanced mortgages maximized? What is this maximum number?
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