Investment problem Assume you invest $250 at the end of

Chapter 2, Problem 91

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Investment problem Assume you invest $250 at the end of each year for 10 years at an annual interest rate of r. The amount of money in your account after 10 years is A = 250111 + r210 - 12 r . Assume your goal is to have $3500 in your account after 10 years. a. Use the Intermediate Value Theorem to show that there is an interest rate r in the interval 10.01, 0.102between 1% and 10%that allows you to reach your financial goal. b. Use a calculator to estimate the interest rate required to reach your financial goal.

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