Question: Interest on your bank balance: Suppose your bank account has a balance today of $100. Consider the following time periods: t = 0, t = 1, t = 2, t = 12, t = 24, t = 48, and t = 60. Assume there are no deposits or withdrawals in this account other than the interest that accumulates. (If you like, use a spreadsheet program to help you with this question.)
(a) Compute your bank balance for these time periods assuming the interest rate is 1%.
(b) Do the same thing for an interest rate of 6%.
(c) Plot your bank balances for these two scenarios on a standard scale.
(d) Do the same thing with a ratio scale.