Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (3rd Edition)

Published by Pearson
ISBN 10: 0-32193-104-1
ISBN 13: 978-0-32193-104-7

Chapter 11 - Sequences; Induction; the Binomial Theorem - Section 11.1 Sequences - 11.1 Assess Your Understanding - Page 828: 81

Answer

The person owes $\$ 2930$ after making the first payment.

Work Step by Step

We substitute $B_0 $ into $B_n$ in order to compute $B_1$. Therefore, $B_1=1.01 B_{1-1}-100 \\ =1.01B_0-100 \\=1.01(3000)-100\\=3030-1000 \\= \$ 2930$ We find that the person owes $\$ 2930$ after making the first payment.
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