B[0] = 1000
b[n+1] = 1.05*b[n] -10
_____
The fee has the effect of negating the interest earned on the first $200. Effectively, Rita's account balance in explicit form is 200 +(b0 -200)*1.05^n.
Answer:
Check pdf
Step-by-step explanation:
Rewrite the percentage as a decimal:
8% = 8/100 = 0.08
Multiply the previous result by 24000:
24000*0.08 = $1920