If an IRA is a variable-rate investment for 25 years at rate r percent per year, compounded monthly, then the future value S that accumulates from an initial investment of $1500 is S = 1500(1+0.01r/12)^300$${\mathtt{1\,500}}{\mathtt{\,\times\,}}{\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}{\frac{{\mathtt{0.01}}{\mathtt{\,\times\,}}{\mathtt{r}}}{{\mathtt{12}}}}\right)}^{{\mathtt{300}}}$$
What is the rate of change of S with respect to r and what does it tell us if the interest rate is as follows? (Round your answers to two decimal places.)
(a) 6%
(got the answer) Correct: Your answer is correct.
If we were to increase the rate by 1%, the future value of the investment would increase by about $ " "?
(b) 12%
(got the answer) Correct: Your answer is correct.
If we were to increase the rate by 1%, the future value of the investment would increase by about $ " "?
" " ? are the questions i dont get
