Shauntel is investing $2000 through Quickbucks Banking. Quickbucks promises an annual return of 5%, but it charges
Question:
Shauntel is investing $2000 through Quickbucks Banking. Quickbucks promises an annual return of 5%, but it charges a yearly fee of $50 for its services.
(a) Set up a first-order differential equation to represent the change in Shauntel’s money over time.
(b) Solve the differential equation using an integrating factor.
(c) How much money will Shauntel have in the account after 1 year? After 5 years? After 10 years?
(d) What is the effective yield after 1 year? After 5 years? After 10 years?
(e) Suppose Shauntel decides to invest less than $2000. What is the minimum amount Shauntel must invest to break even?
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Step by Step Answer:
a b Rearrange in standard linear form The integrat...View the full answer
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