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Analyse balances and graphs of an affine cash-flow model

Question 1 of 8

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The community grant fund is analysed with a first-order cash-flow model. Let $V_n$ be the fund balance in dollars after $n$ periods. $V_0$ is before the first interest calculation and cash flow

The nominal annual interest rate is 3%, compounded annually. The rate for one year is 3%

The initial balance is $415,000. An withdrawal of $13,592.06 is made at the end of each year, after interest

Use the exact recurrence for the calculations. Displayed money values are rounded to the nearest cent only at the point where they are shown

2 marks

Complete the balances marked ? in the table

Money values are rounded to the nearest cent after the exact recurrence is evaluated
Period n	fund balance ($)
0	$415,000
1	?
2	?
3	$411,470.01

$V_{1}$ at period 1 $V_{2}$ at period 2