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You deposit $700 in an account that pays 12% annual interest compounded annually. How do you write a recursive function to model the situation?

1 Answer

Jul 28, 2016

$t (n) = t (n - 1) \cdot 1.12$ $t(n) = t(n-1)*1.12$

Explanation:

annual interest is $.12$ $.12$ . if we write this as a function of time in years we know

$t (1) = 700 \cdot (1.12) =$ $t(1) =700*(1.12) =$ total money after 1 year

$t (2) = t (1) \cdot (1.12) =$ $t(2) = t(1)*(1.12) =$ total money after 2 year

the pattern seems consistent as

$t (n) = t (n - 1) \cdot 1.12$ $t(n) = t(n-1)*1.12$

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