Thank you so much for your help Shadowdude I really appreciate it I can guess this took a while to do! I understand most of it until it goes up to the part which I quoted, would you mind explaining how you arrived to these conclusions (from the first part to second and then second to third)...
Sure,
i) Show that the fund contains $9695.50 after the second awards night.
ii) If An is the amount in dollars remaining in the fund after the nth Awards night, prove that An = 5000(3-1.03^n)
iii) Find the amount of money in the fund after the 25th Awards night.
iv) Find the maximum number of...
Hey guys I've been stuck on this question and would appreciate someone to guide me through how to do it :)
A fund is established to provide prizes for a cricket team's annual Awards night. $10,000 is place in the fund one year before the first Awards night. It is decided that $450 will be...