Step 1: Compute the first derivative:
\[f'(x) = 2x - \frac{250}{x^2}\]
Step 2: Find critical points by setting the derivative to zero:
\[2x - \frac{250}{x^2} = 0\]
Solving for \(x\):
\[2x^3 - 250 = 0 \implies x^3 = 125 \implies x = 5\]
Step 3: Use the second derivative test to confirm a minimum:
\[f''(x) = 2 + \frac{500}{x^3}\]
Evaluate at \(x=5\):
\[f''(5) = 2 + \frac{500}{125} = 6\]
Since \(f''(5)>0\), \(x=5\) corresponds to a local minimum.
Step 4: Calculate the minimum value of the function:
\[f(5) = 5^2 + \frac{250}{5} = 25 + 50 = 75\]