![subject](/tpl/images/cats/mat.png)
Mathematics, 24.01.2021 21:10 maevemboucher78
Task: Interesting Interest Rates
City Bank pays a simple interest rate of 3% per year, meaning that each year the balance increases by 3% of the initial deposit. National Bank pays a compound interest rate of 2.6% per year, compounded monthly, meaning that each month the balance increases by one twelfth(1/12) of 2.6% of the previous month’s balance.
Which bank will provide the largest balance if you plan to invest $10,000 for 10 years? For 15 years?
Write an expression for C(y), the City Bank balance, y years after a deposit is left in the account. Write an expression for N(m), the National Bank balance, m months after a deposit is left in the account.
Create a table of values indicating the balance in the two bank accounts from year 1 to year 15. For which years is City Bank a better investment, and for which years is National Bank a better investment?
![ansver](/tpl/images/cats/User.png)
Answers: 2
![](/tpl/images/ask_question.png)
![](/tpl/images/ask_question_mob.png)
Other questions on the subject: Mathematics
![image](/tpl/images/cats/mat.png)
![image](/tpl/images/cats/mat.png)
Mathematics, 21.06.2019 14:50, gshreya2005
(a) compute the maclaurin polynomial m2(x) for f(x) = cos x. (b) use the polynomial of part (a) to estimate cos π 12. (c) use a calculator to compute the error made using the estimate from part (b) for the value of cos π 12. remember that the error is defined to be the absolute value of the difference between the true value and the estimate.
Answers: 2
![image](/tpl/images/cats/mat.png)
![image](/tpl/images/cats/mat.png)
Mathematics, 21.06.2019 18:30, jwagner1580
Complex numbers multiply √-4 * √-25 and show all intermediate steps. alternative notation is sqrt(-4) * sqrt(-25).
Answers: 1
You know the right answer?
Task: Interesting Interest Rates
City Bank pays a simple interest rate of 3% per year, meaning that...
Questions in other subjects:
![Konu](/tpl/images/cats/fizika.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/en.png)
English, 01.12.2021 17:00
![Konu](/tpl/images/cats/istoriya.png)
![Konu](/tpl/images/cats/himiya.png)
![Konu](/tpl/images/cats/istoriya.png)
History, 01.12.2021 17:00
![Konu](/tpl/images/cats/biologiya.png)
Biology, 01.12.2021 17:00
![Konu](/tpl/images/cats/himiya.png)
Chemistry, 01.12.2021 17:00