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Homework 16: Due Monday 7/21/14 1. A bond ad online says that it has a 1.09% APR and interest is compounded daily (so n = 365.25). The minimum amount required to start this bond is $25,000. If you purchase this bond at the minimum amount, what is the function that represents the balance? 2. Lets take the function from problem 1 and see how long it would take to be a millionaire. Set the output of the function equal to 1,000,000 and solve for t. 3. Another cheaper bond has an APR of 1.05% and a purchase price of $500. If the interest is compounded continuously what is the function that represents the balance? 4. How long would it take the bond from problem 3 to make you a millionaire? 1