Mathematics, 04.05.2021 17:10 kierraivey
A bank offers two different investment options. Option 1 pays compound interest of 3.6% compounded monthly, meaning that each month the balance increases by 112 of 3.6% of the previous month's balance. Option 2 pays simple interest of 6% per year, meaning that each year the balance increases by 6% of the initial deposit. Which type of function can be used to model each option?
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A bank offers two different investment options. Option 1 pays compound interest of 3.6% compounded m...
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