If an IRA is a variable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial investment of $1500 is 0.01 Sw What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about $ (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about s

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
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Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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If an IRA is a varlable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial Investment of
$1500 is
1500 1 + 00
What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.)
(a) 6%
If we were to increase the rate by 1%, the future value of the investment would increase by about s
(b) 12%
If we were to increase the rate by 1%, the future value of the investment would increase by about $
Transcribed Image Text:If an IRA is a varlable-rate investment for 15 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial Investment of $1500 is 1500 1 + 00 What is the rate of change of S with respect tor and what does it tell us if the Interest rate is as follows? (Round your answers to two decimal places.) (a) 6% If we were to increase the rate by 1%, the future value of the investment would increase by about s (b) 12% If we were to increase the rate by 1%, the future value of the investment would increase by about $
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