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An investment of $700 is made every month into an account that earns 9% annual interest, compounded monthly. Assume that the initial balance is $0,
An investment of $700 is made every month into an account that earns 9% annual interest, compounded monthly. Assume that the initial balance is $0, and that interest for the month is compounded and then payments are credited at the end of the month. Let Bn represent the account balance at the end of the nth month, so Bo0. a) Write the first 5 balances in the account (Bo to Ba). b) Write a recursive definition for the sequence of balances. c) What is the balance after 10 years? Show work. d) How many years will it take for the balance to reach $1,000,000? Show steps to determine the time needed as done in the course notes
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