David deposits $30 into his bank account at the end of each month. The bank pays 7%
Question:
a. Write a recursive formula to show David's balance at the end of each month.
b. How much of the balance was deposited and how much interest is earned after
i. 1year ii. 10 years iii. 25 years iv. 50 years
c. What can you conclude about regular saving in a bank with compound interest?
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a u 0 30 and u n y n1 1 007 12 30 where n 1 b i Deposited 360 interest 1178 ii Deposited 3600 ...View the full answer
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Related Book For 
Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
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