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Find an explicit formula for the amount

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Reference no: EM132851215

A student deposited $X in an account that yields Y% interest compounded annually. If the student is withdrawing an amount of $Z every month, then

a) Set up a recurrence relation for the amount in the account at the end of n years.

b) Find an explicit formula for the amount in the account at the end of n years.

c) How much money will the account contain after 10 years?

Reference no: EM132851215

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