The amount of interest earned on an account can be represented using the recursive formula an = 1.02(an-1). If a1 = 255.00, and n represents the number of months the money is invested, what is the balance at the end of each month for the first three months?
A) 255.00, 260.10, 265.30
B) 255.00, 260.10, 265.20
C) 255.00, 256.02, 257.04
D) 255.00, 250.00, 245.10

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Rod44 Rod44 · Answer 1 · 2018-01-14T22:29:08+01:00

Answer A works according to the formula.

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swapnalimalwadeVT swapnalimalwadeVT · Answer 2 · 2022-05-23T11:47:38+02:00

The balance at the end of each month for the first three months works according to the formula.

We have given that,

The amount of interest earned on an account can be represented using the recursive formula.

An arithmetic sequence with the first term a1 and the common difference d, the nth (or general) term is given by

[tex]a_n=a_1+(n-1)d[/tex]

Therefore the number of months the money is invested

[tex]a_n = 1.02(a_n-1).[/tex]

If [tex]a_1 = 255.00[/tex], and n represents the number of months the money is invested.

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