Question

the amount of interest earned on an account can be represented using the recursive formula \\(a_n = 1.02(a_{n-1})\\). if \\(a_1 = 255.00\\), and \\(n\\) represents the number of months the money is invested, what is the balance at the end of each month for the first three months?

\\$255.00, \\$260.10, \\$265.30
\\$255.00, \\$260.10, \\$265.20
\\$255.00, \\$256.02, \\$257.04
\\$255.00, \\$250.00, \\$245.10

Explanation:

Calculate the second term

$$
LATEXBLOCK0
$$

Calculate the third term

$$
LATEXBLOCK1
$$

Identify the matching sequence

$$ a_1 = 255.00, \quad a_2 = 260.10, \quad a_3 = 265.30 $$

Answer:

• (A) $255.00, $260.10, $265.30 (Correct answer)
• (B) $255.00, $260.10, $265.20
• (C) $255.00, $256.02, $257.04
• (D) $255.00, $250.00, $245.10