How much interest is gained if $250 is deposited in your bank account at the end of the year for each of the next 7 years? savin
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Write a recursive and explicit formula for each option.
- The Arnolds
Save a nickel on the first day of the month and then double the amount each day for a month
=> a1 =0.05
=> a2 = a1* 2 = 0.05*2
=> a3 = a2*2 = a1* 2*2
..............................................
=>recursive an =
=> explicit an = 0.05*
- The Gaineys
Start their savings by saving $10 on the first day and then $10 each day of the month
=> a1 = 10
=> a2 = a1 + 10 = 20
=> a3 = a2 +10 = 20 +10 =30
........................................................
=> recursive an =
=> explicit an = 10 + 10( n-1)
Hope it will find you well.