Jamal deposited RM8000 in a bank that pays annual interest of 4.0%. Find the amo

Question

Jamal deposited RM8000 in a bank that pays annual interest of 4.0%. Find the amount Jamal has after one year The amount Jamal has after one year is RM8320. If Jamal does not withdraw the money but keeps the money for another year at the same rate, what is the amount Jamal has after another year? The amount Jamal has after another year is RM8652.80. if Jamal does not withdraw the money but yet keeps the money for another year at the same rate, what is the amount Jamal has after another year? The amount Jamal has after another year is Write a recurrence relation for the computation above.

Explanation / Answer

T(n) = T(n-1) + .04 * T(n-1) = 1.04 * T(n-1)

T(n) = 1.04*T(n-1) : T(0) = 8000

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