Question: Answer the following discrete math problem #2 A bank pays interest rate of 11% per year compounded annually. Let A_n denotes the amount in the

Answer the following discrete math problem #2

A bank pays interest rate of 11% per year compounded annually. Let A_n denotes the amount in the account at the end of year n. If the initial amount deposited is $300 and assuming that no additional deposits or withdrawals arc made, Find a recurrence relation and initial conditions to describe A_n. Find an explicit formula for the recurrence relation obtained in part (i) above and use it to find the amount of money in the account after 20 years

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