Find A when p= 2000, r= 7%, n= 4, and t= 4
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Answer:
The recursive rule for account balance at the beginning of the nth month will be given by and
where, n = 1, 2, 3, .....
Step-by-step explanation:
On January 1, 2006, I have $100 in a savings account that earns interest at a rate of 1% per month. On the last day of every month, I deposit $75 in the account, beginning in January.
So, at the end of the month of January, the added amount to the account is $75 and 1% of $100 i.e. 1$.
Then, total $(75 + 1) = $76 is being added at the end of each month.
So, the recursive rule for account balance at the beginning of the nth month will be given by and
where, n = 1, 2, 3, ..... (Answer)