Construct complete compound-interest recurrence models

The initial balance of a term deposit is $18,577

The interest rate is 0.45% per quarter, compounded quarterly. This is already a rate for one compounding period

No further deposits, withdrawals or fees occur. Interest is credited to the balance after each period. Use the ideal model without rounding the balance after each period

Let V(n) be the balance in dollars after n quarters, for non-negative integer n. Index 0 is the initial balance