K Suppose $3500 is invested in a savings account for 10 years (120 months), with an annual interest rate of r, compounded monthly. The amount of money in the account after 10 years is A(r) = 3500 1 + r 3500 (1 + 2) 20. 12 a. Use the Intermediate Value Theorem to show there is a value of r in (0,0.08)-an interest rate between 0% and 8%-that allows you to reach your savings goal of $7000 in 10 years. b. Use a graph to illustrate your explanation in part (a); then approximate the interest rate required to reach your goal.

Suppose $3500 is invested in a savings account for 10 years (120 months), with an annual interest rate of t, compounded monthly. The amount of money in the account afler 10 years is A(r)=3500(1+12r)120. a. Use the Intermediate Value Theorem to show there is a value of f in (0,0.08) - an interest rate betwoon 0% and 8% - that allows you to reach your savings goal of $7000 in 10 yoars. b. Use a graph to invstrate your explanation in part (a), then approximate the interest rate fecuired to reach your goal