Question: You buy a $35,000 vehicle for nothing down at $8,500 per year for 7 years. Use the bisect function from Fig. 5.7 to determine the

You buy a $35,000 vehicle for nothing down at $8,500 per year for 7 years. Use the bisect function from Fig. 5.7 to determine the interest rate that you are paying. Employ initial guesses for the interest rate of 0.01 and 0.3 and a stopping criterion of 0.00005. The formula relating present worth P, annual payments A, number of years n, and interest rate i is

i(1+i)n (1+i)n-1 A = P-

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