A bank offers two different investment options.
Option 1 pays simple interest of 3% per year,...
Mathematics, 13.03.2020 06:30, daniii000
A bank offers two different investment options.
Option 1 pays simple interest of 3% per year, meaning that each year, the balance
increases by 3% of the initial deposit.
Option 2 pays compound interest of 2.4% compounded monthly, meaning that each
month, the balance increases by 1 of 2.4% of the previous month's balance.
Which type of function can be used to model each option?
Answers: 1
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