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87

Step-by-step Answer
PAGE: 95SET: ExercisesPROBLEM: 87
Please look in your text book for this problem Statement

a.

Find the formula for the interest rate required to achieve a balance of in the account after years is

Balance in the account after years is .

Consider the function as .

Solve for .

Thus, the formula for the interest rate required to achieve a balance of in the account after years is

.

b.

Find the interest rate will yield a balance of after years.

Consider .

Substitute in the above formula.

Thus, the interest rate will yield a balance of after years is .

a. The formula for the interest rate required to achieve a balance of in the account after years is

.

b. The interest rate will yield a balance of after years is .



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