1. Seventeen thousand dollars is deposited into a savings account at 5% interest compounded semiannually and $1500 is deposited at the end of each half year. How much money will be in the account after 5 years?
2. Suppose P dollars is deposited into a savings account at 3.2% interest compounded quarterly and then $500 is added to the account at the end of each quarter year. For what value of P will the account contain $41,000 after 6 years?
Use difference equations to answer the question.