using the recurrence relation A person deposits Rs. 10, 000/- in a bank in a saving bank account at a rate of 5% per annum. Let Pn be the amount payable after n years, set up a recurrence relation to model the problem. Also using the recurrence relation, find amount payable after 7 years.
Any one can help me please. i don't know how to use recurrence relation

Recurrence relation $$ P_{n+1} = P_n+ P_n\frac{5}{100}=P_n(1+\frac{5}{100})$$
$n$ integer and positive.
$$P_n = 10,000(1+\frac{5}{100})^n$$
