Suppose that you have open a saving account with initial deposit of $ 5000, you continue to deposit money into the account at a rate of $ 2000 per year, and the account earns of 3% per year, compounded continuously. Write down an initial value problem that describes your savings account balance b(t). (Hint: change in money-interest+savings). Find your balance at 5 years.
Suppose that you have open a saving account with initial deposit of $ 5000, you continue to deposit money into the account at a rate of $ 2000 per year, and the account earns of 3% per year, compounded continuously. Write down an initial value problem that describes your savings account balance b(t). (Hint: change in money-interest+savings). Find your balance at 5 years.
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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