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James begins a savings plan in which he deposits $95 at the beginning of each month into an account that earns 10.2% interest annually
James begins a savings plan in which he deposits $95 at the beginning of each month into an account that earns 10.2% interest annually or, equivalently, 0.85% per month. To be clear, on the first day of each month, the bank adds 0.85% of the current balance as interest, and then James deposits $95. Let B be the balance in the account after the nth deposit, where B = $0. Complete parts (a) through (c) below. B0 = $0, B = $ 95, B2 = $ , B3 = $ , B4 = $| (Do not round until the final answer. Then round to the nearest cent as needed.) b. Find a recurrence relation that generates the sequence {B}. Bn + 1 = +1 c. Determine how many months are needed to reach a balance of $4600. A balance of $4600 will be reached during month number (Type a whole number.)
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