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The balance B of a savings account after t years when a principal P is invested at an annual interest rate r and the interest
The balance of a savings account after years when a principal is invested at an annual interest rate and the interest is compounded times a year is given by:
If the interest is compounded yearly, the balance is given by:
Suppose $ is invested for years in one account for which the interest is compounded yearly. In addition, $ is invested in a second account in which the interest is compounded monthly. In both accounts the interest rate is Use MATLAB to determine how long in years and months it would take for the balance in the second account to be the same as the balance of the first account after years.
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