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You just won $100,000 in a lottery. You decided to put the money in the bank to purchase something big in the future. Which type
You just won $100,000 in a lottery. You decided to put the money in the bank to purchase something big in the future. Which type of account would you invest your money in: an account that earns simple interest, an account that is compounded monthly, or an account that is continuously compounding? Explain your reasoning. Compare and contrast the difference of each account. Provide your own variables, e.g. interest rate, number of times compounding, time, etc. Show your calculations and compare the results
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