For Problems formulate a dynamical system that models change exactly for the described situation.
Your grandparents have an annuity. The value of the annuity increases each month by an automatic deposit of 1% interest on the previous month’s balance. Your grandparents withdraw $1000 at the beginning of each month for living expenses. Currently, they have $50,000 in the annuity. Model the annuity with a dynamical system. Will the annuity run out of money? When? Hint: What value will an have when the annuity is depleted?
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