Get the model (right click and "Save Target As" is this doesn't open in Vensim)

You have decided to save money for a vacation which you will take in five years (60 months). You have deposited $1000 initially into an account that earns 4% interest per year. Your goal is to have $4000 at the end of five years. You realize that you must do one of three things:deposit an amount larger than $1000 into the account at the beginning, deposit money every month into the account, or find an account that earns a higher annual interest rate.

1. Suppose you decide to start the account with a bigger initial amount (leave all other models settings the same and make sure deposit is set back to zero and interest rate is 4%). Use a binary search to find the minimum initial deposit that will achieve your goal (to the nearest dollar).

2. Suppose you decide to deposit a certain amount of money into the account every month (leave all other models settings the same...initial deposit of $1000 and interest rate 4%). Use a binary search to find the minimum deposit amount that will achieve your goal (to the nearest dollar).

3. Suppose you decide to find an account that pays a higher interest rate (leave all other models settings the same ... make sure deposit is set back to zero and initial amount is $1000). Use a binary search to find the minimum annual interest rate that will achieve your goal (to the nearest tenth of a percent).

Create a Word document called BinarySearch and type the values used in each search to find the minimal value. Label the first one inital amount, second monthly deposit, and the third interest rate.

Example of BinarySearch document (you fill in the tables).

Part 1 - Initial Amount

Value of Initial Deposit	High or Low	Account Balance
Starting High: $4000	High	$4883.99
Starting Low: $1000	Low	$1221.00
$2500	Low	$3052.49

Part 2 - Monthly Deposit

Value of Deposit	High or Low	Account Balance
Starting High:
Starting Low: $0.00

Part 3 - Interest Rate

Value of Rate	High or Low	Account Balance
Starting High:
Starting Low: 0.04 (4%)

This is the end of the lab. When you have completed the exercise, submit the Word file, BinarySearch<<yourName>>.docx, to Blackboard.