Solve.Jack decided to put $600 into an IRA account every 3 months at a rate of 6% compounded quarterly. Find a recursive formula that represents his balance at the end of each quarter. How long will it be before the value of the account is $100,000? What will be the balance in 30 years when Jack retires?
A. B0 = 600 Bn = (1 + 
)B(n - 1) + 600; 7 years; $4 million
B. B0 = 600 Bn = (1 + 
)B(n - 1) + 600; 18 years; $151,860
C. B0 = 600 Bn = (1 + 
)B(n - 1) + 600; 10 years; $6.8 million
D. B0 = 600 Bn = (1 + 
)B(n - 1) + 600; 21 years; $202,355
Answer: D
Mathematics
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