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A couple, during their honeymoon, when they are 2 5 years old, decide to save some money by reducing unhealthy food, $ 1 2 per
A couple, during their honeymoon, when they are years old, decide to save some money by reducing unhealthy food, $ per day, $ per month. They plan to deposit their monthly saving money $ into a S&P Indexed Mutual Fund Account which returns in average annually that is monthly. Let their monthly account balance to be $
Write the first four terms of the sequence
Find the recurrence relation that generates the sequence.
Determine their account balance at their retirement time, years old,
They are planning to keep the account and start withdrawing $ per month, starting the next month after their retirement celebration. Determine for how long their saving in this account will last throughout their retirement.
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