Question

X 10.2.73-T Question Help James begins a savings plan in which he deposits $110 at the beginning of each month into an account that earns 7.8% interest annually or, equivalently, 0.65% per month. To be clear, on the first day of each month, the bank adds 0.65% of the current balance as interest, and then James deposits $110. Let Bn be the balance in the account after the nth deposit, where Bo = $0. Complete parts (a) through (c) below. of the previous month to find the balance of this month. D. Multiply the balance of the previous month by the monthly interest rate to find the interest of this month. Then add the the deposit to the interest of this month found earlier to find the balance of this month. Evaluate the first five terms. Bo = $0, B, = $ 110, B2 = $ 220.72, B3 = $ 332.15, B4 = $ 444.31 (Do not round until the final answer. Then round to the nearest cent as needed.) b. Find a recurrence relation that generates the sequence {B}. Bn+1 = (1.0065)B, + 110 c. Determine how many months are needed to reach a balance of $5400. A balance of $5400 will be reached during month number 5545 (Type a whole number.) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Final Check

Answer 1

Please do rate me and mention doubts in the comments section.