u 14. Running records. According to at least one study, the world record in any running race can be modeled by a linear equation. In particular, the world record R, in minutes, [or the mile run in year .1: can be modeled by R = .l}x + liTH. Use this model to estimate the world records for the mile run in 1954-1 l. and 1015. Round your answers to the nearest hundredth of a minute. 32. Compound interest. The Kims deposit $1t} in Wiles Municipal Bond Funds. at 5%. How much is the invest- ment worth (rounded to the nearest cent} at the end of 4 yr, if interest is compounded: a] annually? h} semiannually? c) quarterly? II] daily [use 3&5 days :3 hourly? for 1 yr)? Determining monthly loan payments. if? dollars are borrowed at an annual interest rate r, the payment M made each month for a total of n months is 33. Fermat's Last Bank makes a car loan of $13,, at 6.4% interest and with a loan period of 3 yr. What is the monthly payment? 36. Paula establishes an annuityr that earns ? 33 interest and wants it in he worth $513,099 in ED yr. How much will he need [a invest annually to achieve this goal? Annual yield. The annual interest rate r, when compounded more than once a year, results in a slightly higher _-}I'earl:,-r interest rate; this is called the annual (or effective] field and denoted as Y. For example, iltltl deposited at 5%, compounded monthlyfor 1 yr (12 months), will have a value ofA = looo(1 + Ei)\" = $1o51.1e. The interest earned is $51.16f51l, or . tuition is 5.115% qf Elle original deposit. Thus. we SH)? this account has a yield of Y = l, or 3.116%. The formula for annual yield depends on the annual interest rate rand the compoundingfrequeney n: 1'! r=(1+1) -1. H For Exercises 4143, nd the annual yield as a percentage, to two decimal places. given the annual interest rate and the compounding f reorient}. #1. Annual interest rate of 5.3%. compounded ruontl'tl'}:r 41. Annual interest rate of 4.1%, compounded eluarterl'},Ir .. .- I . 11-.- .-._1