On October 1, 2002, Sal invested $24,000 in a bank account earning 3.4% annually, compounded monthly. A

Question:

On October 1, 2002, Sal invested $24,000 in a bank account earning 3.4% annually, compounded monthly. A month later, he withdrew $100 and continued to withdraw $100 on the first of every month thereafter.
a. Write a recursive formula for this problem.
b. List the first five terms of this sequence of balances, starting with the initial investment.
c. What is the meaning of the value of u4?
d. What is the balance on October 2, 2003? On October 2, 2005?