a.
\Find the formula for the interest rate required to achieve a balance of
in the account after
years is
Balance in the account after years is
.
Consider the function as .
Solve for .
Thus, the formula for the interest rate required to achieve a balance of
in the account after
years is
.
b.
\Find the interest rate will yield a balance of
after
years.
Consider .
Substitute in the above formula.
Thus, the interest rate will yield a balance of
after
years is
.
a. The formula for the interest rate required to achieve a balance of
in the account after
years is
.
b. The interest rate will yield a balance of
after
years is
.