You deposit $500 into a saving account paying 6% interest compounded quarterly. At the end of each quarter, you deposit $250 into the account. Let
You deposit $500 into a saving account paying 6% interest compounded quarterly. At the end of each quarter, you deposit $250 into the account. Let At be the amount in the account after t years. a) Find a difference equation satisfied by At. b) Solve the difference equation. c) How much money will you have in the account after 3 years.
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Authors: Scott Miller, Donald Childers
2nd edition
123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814
