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Wayne invests 7600 with a bank he will be paid interest at

Wayne invests $7600 with a bank. He will be paid interest at the rate of 6% per annum, compounding monthly. Let V_n be the value of the investment after n months.

a Write a recurrence relation to model Wayne's investment.

b How much is Wayne's investment worth after 5 months?

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Financial Management: Wayne invests 7600 with a bank he will be paid interest at

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Financial Management: Wayne invests 7600 with a bank he will be paid interest at

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