For Problems 710, formulate a dynamical system that models change exactly for the described situation. Your grandparents
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For Problems 7–10, formulate a dynamical system that models change exactly for the described situation.
Your grandparents have an annuity. The value of the annuity increases each month by an automatic deposit of 1% interest on the previous month's balance. Your grandparents withdraw $1000 at the beginning of each month for living expenses. Currently, they have $50,000 in the annuity. Model the annuity with a dynamical system. Will the annuity run out of money? When? What value will and have when the annuity is depleted?
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Related Book For 
A First Course In Mathematical Modeling
ISBN: 9781285050904
5th Edition
Authors: Frank R. Giordano, William P. Fox, Steven B. Horton
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