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Mathematics, 24.12.2020 16:10 cicilee49
A person saving for retirement makes an initial deposit of $1,000 to a bank account earning interest at a rate of 3% per year compounded monthly, and each month she adds an additional $200 to the account For each nonnegative integer n, let An be the amount in the account at the end of n months. Find a recurrence relation relating Ak to Ak-1. Use iteration to find an explicit formula for An.
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