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graymonky12
graymonky12
11.05.2021 • 
Business

A student deposits $100 in her investment account. At the end of each year, the bank credits the account with two dividends. The first dividend is 20% of the account balance in the previous year (\textit{i.e. year-1})(i.e. year-1). The second dividend is 45% of the account balance in the year before the previous (\textit{i.e. year-2})(i.e. year-2). Q8.14 Points Find a recurrence relation for the account balance at the end of nn years.

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