Suppose that $500 is invested at the end of every year for 5 years. The polynomial function that models the value of the investment is P(x) = 500x5 +500x² +500x³ +500x² + 500x, where x represents the effective interest rate plus 100%. One year after the last payment, the investment is worth $3200. Find the effective interest rate one year after the last payment, to the nearest tenth. (Note: You will need to subtract 1 from the value of x to find the effective interest rate.)

Suppose that $500 is invested at the end of every year for 5 years. The polynomial function that models the value of the investment is P(x) = 500x5 +500x² +500x³ +500x² + 500x, where x represents the effective interest rate plus 100%. One year after the last payment, the investment is worth $3200. Find the effective interest rate one year after the last payment, to the nearest tenth. (Note: You will need to subtract 1 from the value of x to find the effective interest rate.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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