Suppose a certain amount of money is deposited into an account paying 4% annual interest, compounded quarterly. For each positive integer n, let Sn= the amount on deposit at the end of the nth quarter, and let So be the initial amount deposited. a. Find a recurrence relation for So, Si, S2,..assuming no additional deposits or withdrawals for a 4-year period. b. If S0= $5000, find the amount of money on deposit at the end of 4 years. c. Find the APR for the account.
