Solve.Maria deposited in an independent retirement account at her bank. She earns interest per month on the balance. Each month, she deposits in the account. Her balance each month after making a deposit, is given by the recursively defined sequence B0 = $1500 Bn = 1.005Bn-1 + 100If she made the initial deposit on

Question

September 30, and makes each monthly deposit on the last day of the month, how much money will be in the account at the end of the year for Maria to count as a deduction for that year's federal income taxes? That is, determine B3.

Fill in the blank(s) with the appropriate word(s).

Answer 1

$1824.12