Author Question: Maria deposited in an independent retirement account at her bank. She earns interest per month ... (Read 134 times)

Frost2351 · **on:** Feb 28, 2021

Solve.

Maria deposited

in an independent retirement account at her bank. She earns

interest per month on the balance. Each month, she deposits

in the account. Her balance each month after making a

deposit, is given by the recursively defined sequence

B₀ = $1500 B_n = 1.005B_n-1 + 100

If she made the initial deposit on September 30, and makes each monthly deposit on the last day of the month, how much money will be in the account at the end of the year for Maria to count as a deduction for that year's federal income taxes? That is, determine B₃.

durant1234 · **Reply #1 on:** Feb 28, 2021

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