Mathematics, 16.02.2021 17:10, xocupcake309174

A bank account with an initial deposit of $6,000 and an interest rate of 1% increases by 1% each year. The balance (B) as a function of time in years (t) can be described by an exponential function: B(t) = 6,000(1.01)t Which bank account balance grows faster, the one with 1% interest or one with an initial deposit of $6,000 earning 3% interest?

The bank account with
(select)
interest grows faster.

Answers: 1

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A bank account with an initial deposit of $6,000 and an interest rate of 1% increases by 1% each yea...