SOLUTION: Discrete Mathematics.
An amount of $500 is invested in an account paying 1.2% interest compounded annually.
a. Write a recursive definition for p(n), the amount in the account
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An amount of $500 is invested in an account paying 1.2% interest compounded annually.
a. Write a recursive definition for p(n), the amount in the account
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Question 1068306: Discrete Mathematics.
An amount of $500 is invested in an account paying 1.2% interest compounded annually.
a. Write a recursive definition for p(n), the amount in the account at the beginning of the nth year.
b. After how many years will the amount exceed $570? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! p(n)=500(1+0.012)^(n-1)
570=500(1.012)^n
570/500=1.012^n
1.14=1.012^n
ln both sides
then divide both sides by ln 1.012
n > 10.985 years because wants to know when it will exceed.
