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An amount of $500 is invested in an account paying 1.2% interest compounded annually. a
Chapter 3, Problem 46(choose chapter or problem)
An amount of $500 is invested in an account paying 1.2% interest compounded annually. a. Write a recursive definition for P(n), the amount in the account at the beginning of the nth year. b. After how many years will the account balance exceed $570?
Questions & Answers
QUESTION:
An amount of $500 is invested in an account paying 1.2% interest compounded annually. a. Write a recursive definition for P(n), the amount in the account at the beginning of the nth year. b. After how many years will the account balance exceed $570?
ANSWER:Step 1 of 2
An amount of $500 is invested in an account paying 1.2% interest compounded annually.
To write a recursive definition for 
Since, the principal amount is $500, we can consider
The amount at the beginning of the second year is,
The amount at the beginning of the third year is
Proceeding in this manner, the amount at the beginning of nth year is
So, recursive definition for
