Solve the problem.Jeremy makes an initial deposit into a savings fund paying 1.4% compounded quarterly. He plans to withdraw $200 at the end of each quarter. (a) Find the difference equation for yn, the amount of money in the account after n quarters. (b) How large must the initial deposit be so that Jeremy does not run out of money?
A. (a) yn = 1.0035yn-1 - 200
(b) no more than $57,142.86
B. (a) yn = 1.0035yn-1 - 200
(b) at least $57,142.86
C. (a) yn = 1.4yn-1 - 200
(b) no more than $200.00
D. (a) yn = 1.4yn-1 - 200
(b) at least $200.00
Answer: B
Mathematics
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