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?

456567546657689765432567890-9876543567890-987657890

step-by-step explanation:

the formula of a slope:

from a table we have

substitute:

the slope of f(x) is -1.

the graph of funcfion g(x) is a horizontal line. the slope of a horizontal line is equal 0. therefore the slope of g(x) is 0.

-1 < 0

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