Should be solved in a similiar manner as the following question was...

Problem 3. Your distant relative opened a bank account on your name and deposits $100 dollars (express this asmont by variable d = 100) on the first day of every month. Assume also that the bank adds %2 interest (empress this interest by a multiplicative factor = 1.02) on the last day of each month OTI based on the (average) value of your account during this month. (a) Set up a recurrence relation for the value Xn of your account on the last day of the n-th month (right after the interest is added) and value Xn-1 on the last day of the previous month (also after the interest is added). Do not use any explicit numbers in your relation, just variables Xn, Xn-1, d andr. (b) Find an explicit (closed) formula for Xn assuming that the first deposit of d dollars was made by your relative at the beginning of the month coresponding to n 1 . Do not use any explicit numbers in your formula for Xn, just parameters d and r