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You want to begin making regular deposits to finance your child's college education 18 years (216 months) in the future. You are able to invest $200 at the end of each month, and you judge that $100,000 will be needed. That is, you want the future value F of the investment to be $100,000. Whether you can attain that goal depends on interest rates. If the monthly interest rate is r as a decimal, then the future value of the investment is given by 200 ((1 + r)216 1) dollars. F = (a) Plot the graph of F along with the target value of $100,000. Use a horizontal span of 0 to 0.01. F 1200 120000 100 000 100000 80000 80000 60 000 60000 40000 40000 20000 20000 r 0.010 0.004 0.006 0.008 0.010 0.002 0.008 0.004 0.006 0.002 F F 120000 120000 100 000 100000 80000 80000 60000 60000 40000 40000 20000 20000 r 0.010 0.008 0.004 0.006 0.002 0.010 0.008 0.004 0.006 0.002 (b) Find the monthly rate r that will yield the desired future value of $100,000. Round your answer as a percentage to one decimal place. (c) What is your total investment in your child's education? $ Need Help? Talk to a Tutor Read It

You want to begin making regular deposits to finance your child's college education 18 years (216 months) in the future. You are able to invest $200 at the end of each month, and you judge that $100,000 will be needed. That is, you want the future value F of the investment to be $100,000. Whether you can attain that goal depends on interest rates. If the monthly interest rate is r as a decimal, then the future value of the investment is given by 200 ((1 + r)216 1) dollars. F = (a) Plot the graph of F along with the target value of $100,000. Use a horizontal span of 0 to 0.01. F 1200 120000 100 000 100000 80000 80000 60 000 60000 40000 40000 20000 20000 r 0.010 0.004 0.006 0.008 0.010 0.002 0.008 0.004 0.006 0.002 F F 120000 120000 100 000 100000 80000 80000 60000 60000 40000 40000 20000 20000 r 0.010 0.008 0.004 0.006 0.002 0.010 0.008 0.004 0.006 0.002 (b) Find the monthly rate r that will yield the desired future value of $100,000. Round your answer as a percentage to one decimal place. (c) What is your total investment in your child's education? $ Need Help? Talk to a Tutor Read It

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 442RE: Jerome invests $18,000 at age 17. He hopes the investments will be worth $30,000 when he turns 26....
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You want to begin making regular deposits to finance your child's college education 18 years (216 months) in the future. You are able to invest $200 at the end of each month, and you judge that $100,000 will be needed. That is, you want the future value F of the investment to be $100,000. Whether you can attain that goal depends on interest rates. If the monthly interest rate is r as a decimal, then the future value of the investment is given by 200 ((1 + r)216 1) dollars. F = (a) Plot the graph of F along with the target value of $100,000. Use a horizontal span of 0 to 0.01. F 1200 120000 100 000 100000 80000 80000 60 000 60000 40000 40000 20000 20000 r 0.010 0.004 0.006 0.008 0.010 0.002 0.008 0.004 0.006 0.002 F F 120000 120000 100 000 100000 80000 80000 60000 60000 40000 40000 20000 20000 r 0.010 0.008 0.004 0.006 0.002 0.010 0.008 0.004 0.006 0.002 (b) Find the monthly rate r that will yield the desired future value of $100,000. Round your answer as a percentage to one decimal place. (c) What is your total investment in your child's education? $ Need Help? Talk to a Tutor Read It
Transcribed Image Text:You want to begin making regular deposits to finance your child's college education 18 years (216 months) in the future. You are able to invest $200 at the end of each month, and you judge that $100,000 will be needed. That is, you want the future value F of the investment to be $100,000. Whether you can attain that goal depends on interest rates. If the monthly interest rate is r as a decimal, then the future value of the investment is given by 200 ((1 + r)216 1) dollars. F = (a) Plot the graph of F along with the target value of $100,000. Use a horizontal span of 0 to 0.01. F 1200 120000 100 000 100000 80000 80000 60 000 60000 40000 40000 20000 20000 r 0.010 0.004 0.006 0.008 0.010 0.002 0.008 0.004 0.006 0.002 F F 120000 120000 100 000 100000 80000 80000 60000 60000 40000 40000 20000 20000 r 0.010 0.008 0.004 0.006 0.002 0.010 0.008 0.004 0.006 0.002 (b) Find the monthly rate r that will yield the desired future value of $100,000. Round your answer as a percentage to one decimal place. (c) What is your total investment in your child's education? $ Need Help? Talk to a Tutor Read It
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