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3. A savings bond offers interest at a rate of 8.4%, compounded monthly. Suppose that a $1000 bond is purchased. a) What is the instantaneous
3. A savings bond offers interest at a rate of 8.4%, compounded monthly. Suppose that a $1000 bond is purchased. a) What is the instantaneous rate of change when the investment has tripled in value? [3 marks] b) Describe how the shape of the graph of this function would change if a bonus of 1% of the principal were added after 4 years had passed. Support with a calculation. [2 marks] 3. A savings bond offers interest at a rate of 8.4%, compounded monthly. Suppose that a $1000 bond is purchased. a) What is the instantaneous rate of change when the investment has tripled in value? [3 marks] b) Describe how the shape of the graph of this function would change if a bonus of 1% of the principal were added after 4 years had passed. Support with a calculation. [2 marks]
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