Noah deposits $1,000,000 into a bank account paying 6% interest compounded annually and withdraws $75,000 at the end of each year. (a) Write an appropriate difference equation.(b) How much money will be in the account in 20 years?(c) Would you rather have $1,000,000 now or $75,000 a year for 20 years?
What will be an ideal response?
| (a) | yn = 1,250,000-250,000(1.06)n |
(c) $1,000,000 as there is $448,216.13 left in the account versus the $250,000 gained by taking $75,000 a year for twenty years.
Mathematics
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