Solution to 1) A person deposits 1000 USD into an account that yields 9 percent interest compounded … - Sikademy
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Archangel Macsika

1) A person deposits 1000 USD into an account that yields 9 percent interest compounded annually. Let An denote the amount of money in the account after n years. (a) Set up a recurrence relation for An. (b) Find an explicit formula for An. (c) How much money will be in the account after 100 years?

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(a) A_n = 1.09 \cdot A_{n-1}

(b) A_n = 1000 \cdot 1.09^{n}

(c) A_{100} = 1000 \cdot 1.09^{100} = 5529040.79183

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