Suppose your bank account that earns 3% annual interest starts with $1000 in it. On January...

 

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Suppose your bank account that earns 3% annual interest starts with $1000 in it. On January 1 each year, you withdraw $50. Let B be the balance in your account immediately after the nth withdrawal. Find an explicit, closed-form expression for Bn. Suppose your bank account that earns 3% annual interest starts with $1000 in it. On January 1 each year, you withdraw $50. Let B be the balance in your account immediately after the nth withdrawal. Find an explicit, closed-form expression for Bn.