A bank account earns 2% annual interest, compounded continuously. Money is deposited in a continuous cash flow
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A bank account earns 2% annual interest, compounded continuously. Money is deposited in a continuous cash flow at a rate of $1200 per year into the account.
(a) Write a differential equation that describes the rate at which the balance B = f(t) is changing.
(b) Solve the differential equation given an initial balance B0 = 0.
(c) Find the balance after 5 years.
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Related Book For 
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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