If a bank pays interest at a rate of i compounded times a year, then the amount of money P at the end of k time periods (where one time period = 1/mth of a year) satisfies the recurrence relation P P-1 with initial condition P. = the initial amount deposited. Find an explicit formula for P. The given recurrence relation defines a geometric sequence vy with constant multiplier which is P. Therefore, P.= Your answer cannot be understood or graded. More Information for every integernz 0.

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Sequence and Series

A sequence is defined as a collection of things. Series is defined to sum the things one by one in the sequence.  It was invented by German mathematician Carl Friedrich Gauss.