You deposit $100 in a bank account that yields 7% annual interest plus an annual flat fee of $50. For this problem, feel free to round to the two decimal places where appropriate. (i) Construct a recurrence relation for the amount in the account after n years. (ii) Find the closed-form formula for the relation in (i). (iii) How much will be in your account in 25 years? 100 years?
You deposit $100 in a bank account that yields 7% annual interest plus an annual flat fee of $50. For this problem, feel free to round to the two decimal places where appropriate. (i) Construct a recurrence relation for the amount in the account after n years. (ii) Find the closed-form formula for the relation in (i). (iii) How much will be in your account in 25 years? 100 years?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 72E
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Transcribed Image Text:You deposit $100 in a bank account that yields 7% annual interest plus an annual flat fee of
$50. For this problem, feel free to round to the two decimal places where appropriate.
(i) Construct a recurrence relation for the amount in the account after n years.
(ii) Find the closed-form formula for the relation in (i).
(iii) How much will be in your account in 25 years? 100 years?
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