The powers of a function f: A → A are defined recursively byOn January 1, 2001, you have $...

The powers of a function f: A → A are defined recursively by

On January 1, 2001, you have $50 in a savings account that pays interest at the rate of 1% per month. At the end of January and at the end of each month thereafter, you deposit $56 to this account. Assuming no withdrawals, what will be your balance on January 1, 2002?