Mathematics, 09.11.2020 17:00 agray062103
If a bank pays interest at a rate of i compounded m times a year, then the amount of money Pk at the end of k time periods (where one time period = 1/mth of a year) satisfies the recurrence relation Pk = [1 + (i/m)] Pk β 1 with initial condition P0 = the initial amount deposited. Find an explicit formula for Pn.
Answers: 1
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If a bank pays interest at a rate of i compounded m times a year, then the amount of money Pk at the...
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