City Bank pays a simple interest rate of
3% per year, meaning that each year the
balance increases by 3% of the initial
deposit
Write an expression for Cly), the city in years
after a deposit is left in the account. Write an
expression for N(m), the National Bank, m
months after a deposit is left in the account.
C(y)=
National Bank pays a compound interest
rate of 2.6% per year, compounded
monthly, meaning that each month the
balance increases by one twelfth of 2.6%
of the previous month's balance.
N(m)=