Solution-Write down the difference equation satisfied

Write down the difference equation satisfied

Reference no: EM131980234

At the end of each month, interest of 1.3% of the amount in an account at that time is added to the account.

(a) Write down the difference equation satisfied by the amount A_nin the account at the end of the month n.

Hint: A_nwill be equal to a multiple of A_n-1.

(b) Find the general solution to this difference equation.

(d) Tom wants to save $23,000 to buy a new car. How many months will it take for Tom to achieve his goal? (Round your answer to the nearest month.)

Reference no: EM131980234

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Write down the difference equation satisfied

Reference no: EM131980234

Reference no: EM131980234

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