Question

1. A student deposited $X in an account that yields Y% interest compounded annually. If the student is withdrawing an amount of $Z every month, then
a) Set up a recurrence relation for the amount in the account at the end of n years.
b) Find an explicit formula for the amount in the account at the end of n years.
c) How much money will the account contain after 10 years?​

Answer 1

Answer:

1. A student deposited $X in an account that yields Y% interest compounded annually. If the student is withdrawing an amount of $Z every month, then

a) Set up a recurrence relation for the amount in the account at the end of n years.

b) Find an explicit formula for the amount in the account at the end of n years.

c) How much money will the account contain after 10 years?

Answer 2

Answer:

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