Compound Interest: Suppose a certain amount of money is deposited in an account paying 3% annual interest compounded monthly. For each positive integer n, let Sn = the amount on deposit at the end of the nth month, and let S0 be the initial amount deposited
a. Find a recurrence relation for S0, S1, S2,..., assuming no additional deposits or withdrawals during the year.
b. If S0 = $10,000, find the amount of money on deposit at the end of one year.
c. Find the APR for the account.