You have $10,000 to invest. One bank pays 5% interest compounded quarterly and a second bank pays
Question:
You have $10,000 to invest. One bank pays 5% interest compounded quarterly and a second bank pays 4.5% interest compounded monthly.
a. Use the formula for compound interest to write a function for the balance in each bank at any time t.
b. Use a graphing utility to graph both functions in an appropriate viewing rectangle. Based on the graphs, which bank offers the better return on your money?
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