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Question #2 [4 marks] Suppose that you are making semi-annual deposits of $500 into an account earning interest at an annual rate of y(2)% compounded
Question #2 [4 marks] Suppose that you are making semi-annual deposits of $500 into an account earning interest at an annual rate of y(2)% compounded semi-annually. If $12378.11 is in the account after 10 years, then 20 2(500) y(2) V = 1+ O")*1) = 12378.11 y(2) By hand, use the Bisection Method to find the interest rate y(2) (0.04, 0.05). Maple/Excel may be used for any calcuations but show the values for each iteration in your solution to the closest cent. [Note: Stop when the approximation yields an amount equivalent to $12378.11 when rounded to the closest cent.] Question #2 [4 marks] Suppose that you are making semi-annual deposits of $500 into an account earning interest at an annual rate of y(2)% compounded semi-annually. If $12378.11 is in the account after 10 years, then 20 2(500) y(2) V = 1+ O")*1) = 12378.11 y(2) By hand, use the Bisection Method to find the interest rate y(2) (0.04, 0.05). Maple/Excel may be used for any calcuations but show the values for each iteration in your solution to the closest cent. [Note: Stop when the approximation yields an amount equivalent to $12378.11 when rounded to the closest cent.]
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