When $1000 is invested at r% interest (compounded continuously) for 10 years, the balance is f (r)
Question:
When $1000 is invested at r% interest (compounded continuously) for 10 years, the balance is f (r) dollars, where f is the function shown in Fig. 3.
(a) What will the balance be at 7% interest?
(b) For what interest rate will the balance be $3000?
(c) If the interest rate is 9%, what is the growth rate of the balance with respect to a unit increase in interest?
Transcribed Image Text:
4000 3000 2000 Y 1000 y = f(r) y = f'(r) 1 Figure 3 Effect of interest rate on balance. 3 5 7 9 11 13 r
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a From the graph the balance will be 2...View the full answer
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Related Book For
Calculus And Its Applications
ISBN: 9780134437774
14th Edition
Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar
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