Assume a person invests $13,000 at the end of each year for 30 years at an...
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Assume a person invests $13,000 at the end of each year for 30 years at an annual interest rate of r. The amount of money in the account after 30 years is A = 30 years. a. Show that the minimum value of r required to meet the person's investment needs satisfies the equation 1,000,000r - 13,000(1+r)³0 +13,000=0. b. Apply Newton's method to solve the equation in part (a) to find the interest rate required to meet the person's investment goal. a. First substitute for 30 13,000 ((1+r)³0 - 1) r Assume the person wants $1,000,000 in the account after Assume a person invests $13,000 at the end of each year for 30 years at an annual interest rate of r. The amount of money in the account after 30 years is A = 30 years. a. Show that the minimum value of r required to meet the person's investment needs satisfies the equation 1,000,000r - 13,000(1+r)³0 +13,000=0. b. Apply Newton's method to solve the equation in part (a) to find the interest rate required to meet the person's investment goal. a. First substitute for 30 13,000 ((1+r)³0 - 1) r Assume the person wants $1,000,000 in the account after
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