A deposit of $ 1 00,000 is made to an investment fund at
Chapter 7, Problem 7.2.9(choose chapter or problem)
A deposit of $ 1 00,000 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% ofthe amount in the account in the previous year. a) Find a recurrence relation for {Pn}, where Pn is the amount in the account at the end of n years if no money is ever withdrawn. b) How much is in the account after n years if no money has been withdrawn?
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