Martina opens a savings account with an initial deposit and makes no other deposits or withdrawals. She earns interest on her initial deposit. The total amount of money in her savings account at the end of each year is represented by the sequence shown. 100, 105, 110.25, ... Which recursive formula can be used to determine the total amount of money earned in any year based on the amount earned in the previous year? f(n + 1) = f(n) + 5 f(n + 1) = 5f(n) f(n + 1) = 1.05f(n) f(n + 1) = 0.05f(n)
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From the series above the interest rate can be worked out.
Lets take 100 and 105.
The interest earned is :
105 - 100 = 5
Lets express this as a percentage.
5/100 × 100 = 5%
Let f be the original amount in the bank and n be any time in years.
In our case f = 100
Let f(n) be the amount at time n
We can use the formulae below to get the amount in the account at any time n :
f(n) = f ( 1 + i)ⁿ
f(n) = 100(1.05)ⁿ
Answered by
4
Answer:
1.05 AKA CCCCCCC
Step-by-step explanation:
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