12.
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no money is ever withdrawn and solve it.
Answers
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0
Answer:
Pn=1.2Pn−1+0.45Pn−2,n≥2
(b) Pn=
250000
3
⋅(
3
2
)n+
50000
3
⋅(−
3
10
)n
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