On 1 January 2020, Dion invested $10 500 into an investment account paying compound interest of 0.52% quarterly.
At the end of each quarter, after the interest was credited, Dion added an additional amount of money.
Let \(D_n\) represent the additional amount, in dollars, added at the end of quarter \(n\).
This additional amount per quarter is modelled by the recurrence relation
\(D_1=C,\ \ \ D_{n+1}=D_n\)
The balance of Dion's investment account on 1 January 2022 was $12 700.95
The value of \(C\) is
- $71.69
- $215.55
- $260.22
- $270.15
- $275.12