7800 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 29 years, to th
e nearest cent?
1 answer:
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Answer:
see explanation
Step-by-step explanation:
The given formula is a recursive formula which allows a term in the sequence to be found using the previous term.
Given
=
+ 3 with A₁ = 2, then
A₂ = A₁ + 3 = 2 + 3 = 5
A₃ = A₂ + 3 = 5 + 3 = 8
A₄ = A₃ + 3 = 8 + 3 = 11
A₅ = A₄ + 3 = 11 + 3 = 14
The first 5 terms in the sequence are 2, 5, 8, 11, 14