PLS HELP QUICK PLS PLS 13 POINTS
A bank offers two different investment options.
O...
Mathematics, 21.04.2020 17:34 hermesrobles
PLS HELP QUICK PLS PLS 13 POINTS
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 1/12 of 2.4% of the previous month's balance.
Which type of function can be used to model each option?
A:Option 1 is linear because 3% is added to the balance each year.
Option 2 is linear because 0.2% is added to the balance each month.
B:Option 1 is linear because 3% of the initial investment is added to the balance each year.
Option 2 is exponential because the balance is multiplied by 100.2% each month
C:Option 1 is exponential because the balance is multiplied by 103% each year.
Option 2 is exponential because the balance is multiplied by 100.2% each month
D:Option 1 is exponential because the balance is multiplied by 103% each year.
Option 2 is linear because 0.2% is added to the balance each month.
Answers: 3
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