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Topic review (newest first)
Thank you Bobbym!!!!!! Really appreciated it!!!
with a(0) = 150. Then you just run the recurrence forward for 39 months. Answer is 182.20809 which when rounded is 182.21
From the recurrence you can also get a formula:
Question 3) is done the same way.
1) What is the accumulated value of $150 invested for three years and three months when the rate of interest is 0.5% per month? The right answer is $182.21. How to you get to that figure?