A deposit of $100,000 is made to an investment fund at the beginning of a year. On the last day of each year two dividends are awarded. The first dividend is 20% of the amount in the account during that year. The second dividend is 45% of the amount in the account in the previous year. Find a recurrence relation for {Pn}, where Pn is the amount in the account at the end of n years if no money is ever withdrawn. How much is in the account after n years if no money has been withdrawn?
A deposit of $100,000 is made to an investment fund at the beginning of a year. On the last day of each year two dividends are awarded. The first dividend is 20% of the amount in the account during that year. The second dividend is 45% of the amount in the account in the previous year. Find a recurrence relation for {Pn}, where Pn is the amount in the account at the end of n years if no money is ever withdrawn. How much is in the account after n years if no money has been withdrawn?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A deposit of $100,000 is made to an investment fund at the beginning of a year. On the last day of each year two dividends are awarded. The first dividend is 20% of the amount in the account during that year. The second dividend is 45% of the amount in the account in the previous year.
- Find a recurrence relation for {Pn}, where Pn is the amount in the account at the end of n years if no money is ever withdrawn.
- How much is in the account after n years if no money has been withdrawn?
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