Concept explainers
Level curves of a savings plan Suppose you make monthly deposits of P dollars into an account that earns interest at a monthly rate of p%. The balance in the account after t years is
a. With a target balance of $20,000, find the set of all points (P, r) that satisfy B = 20,000. This curve gives all deposits P and monthly interest rates r that result in a balance of $20,000 after 20 years.
b. Repeat part (a) with B = $5000, $10,000, $15,000, and $25,000, and draw the resulting level curves of the balance function.
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