Answered: If Zx represents the amount in the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

At the starting of the year, Kelvin paid €100,000 deposit to an investment fund. In each year, 2 dividends are given on the last day. Twenty percent of the amount in the bank savings account during that year was the 1st dividend. Forty-five percent of the bank savings account was the 2nd dividend in the previous year.
Questions
Hint: If there are no money withdrawals, then

a)If Zx represents the amount in the account at the end of x years, calculate Zx's recurrence relation.

b)After x years, how much is in the bank savings account?
Note: Hint given are compulsory for both solution a and b

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