Jonathan deposits $2000 into a bank account that pays 7% annual interest compounded annually. this means the bank pays him 7% of his account balance as interest at the end of each year, and he leaves the original amount and the interest in the account.
1. write a recursive formula to model the situation described above. use a0 to represent the initial amount invested. then describe an, the next year’s balance, in terms of the current year’s balance, an-1.