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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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