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?