You want to invest in an account that pays an annual interest rate of r, as a decimal. The amount P, in dollars, you need to invest so that $4593 per year can be withdrawn each year for 10 years is given by
.
A. Make a graph of P versus r. Include interest rates from 0.1 to 0.9.B. Is the graph concave up or concave down?C. Explain in practical terms the meaning of the concavity of the graph.
What will be an ideal response?
A.
?
B. It is concave up
?
C. The needed investment decreases rapidly when interest rates are low but less rapidly for higher interest rates.
Mathematics
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