Compound interest suppose a certain amount of money is, Mathematics

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Compound interest suppose a certain amount of money is

Compound Interest: Suppose a certain amount of money is deposited in an account paying 3% annual interest compounded monthly. For each positive integer n, let S_n = the amount on deposit at the end of the nth month, and let S0 be the initial amount deposited

a. Find a recurrence relation for S₀, S₁, S₂,..., assuming no additional deposits or withdrawals during the year.

b. If S₀ = $10,000, find the amount of money on deposit at the end of one year.

c. Find the APR for the account.

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Mathematics: Compound interest suppose a certain amount of money is

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Mathematics: Compound interest suppose a certain amount of money is

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