7) Suppose you save money at a bank that pays 4% per year in simple interest. If you open the account with S500, and in addition to the interest that the bank pays, on the last day of each year, you...

discrete math

Extracted text: 7) Suppose you save money at a bank that pays 4% per year in simple interest. If you open the account with S500, and in addition to the interest that the bank pays, on the last day of each year, you deposit $100 more into the account. Give a recurrence relation for S(n) , your money at the end of n years, for n 20. How much money will you have at the end of 4 years?