Define the compounding of interest n times per year according to a recursive formula. Compare the recursive definition of interest to the recursive definition of a geometric sequence t(n) = r(t(n - 1)). Compare the interest formula A = P(1 + r/n)^nt to the general form of an exponential function y = a(b)^x. Explain the purpose of each part of the interest formula. (MP4, MP5)
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