A deposit of $100,000 is made to an investment fund at the
Chapter 11, Problem 9E(choose chapter or problem)
Problem 9E
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.
a) Find a recurrence relation for { Pn }, wherePn is the amount in the account at the end of n years if no money is ever withdrawn.
b) How much is in the account after n years if no money has been withdrawn?
Unfortunately, we don't have that question answered yet. But you can get it answered in just 5 hours by Logging in or Becoming a subscriber.
Becoming a subscriber
Or look for another answer