SOLUTION: The balance, B n + 1, in Mr. Smith's savings account at the end of a year is calculated by the equation B n+1 = (1.065) Bn, where Bn is the balance at the end of the previous year.

Algebra ->  Finance -> SOLUTION: The balance, B n + 1, in Mr. Smith's savings account at the end of a year is calculated by the equation B n+1 = (1.065) Bn, where Bn is the balance at the end of the previous year.      Log On


   

Question 322766: The balance, B n + 1, in Mr. Smith's savings account at the end of a year is calculated by the equation B n+1 = (1.065) Bn, where Bn is the balance at the end of the previous year. Mr. Smith made a deposit to pen the account 4 years ago. He has not made any additional deposits or withdrawls since. The balance at the end of two years was 1701.34. What is the balance at the end of 4 years?

a) 1922.51
b) 1929.70
c) 2143.69
d) 2188.72
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


You told us how to do the problem. The only thing left is to do the arithmetic. Are you saying that you cannot operate a calculator?



is the balance at the end of the 3rd year, so



must be the balance at the end of the 4th year.

John