Model a simple-interest investment or loan with a recurrence relation
A wedding savings account pays simple interest at 6% p.a. Jack opens one with $34,157.50
This is modelled with a recurrence relation below, where \(V_n\) is the balance after \(n\) years:
\[V_0 = \$34{,}157.50\]
\[V_{n+1} = V_n + \$2{,}049.45\]