Find a recurrence relation for the amount of money in a savings account after n years if the interest rate is 6 percent and $50 is added at the start of each year.

Step-by-step explanation:

Suppose, is initial amount in the saving account,

Here, the annual interest rate is 6% and additional amount in each year is $ 50,

So, the amount after one year,

Amount after 2 years,

Amount after 3 years,

................................., so on....

Hence, by following the pattern,

The amount after n years,

Which is the required recurrence relation for the amount of money in a savings account

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