Anton turns his attention to the Australian Financial System. According to his research, Australia has 1000...

  

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Anton turns his attention to the Australian Financial System. According to his research, Australia has 1000 million dollars of paper money in circulation initially. The Australian government decides to issue new paper money; whenever the old money comes into the banks, it is destroyed and replaced by an equal amount of new money. After 8 weeks, 250 million dollars of NEW paper money are circulating in the country. Let N(t) be the amount of OLD money (in millions of dollars) in circulation at time t (in weeks). Then N(t) satisfies the differential equation: Part a [2 marks] The order and degree of the above differential equation are dN = KN dt and (Enter a number in the boxes) Part b [3 marks] How long (in weeks) will it take for 75% of the paper money in circulation to be new paper money? respectively. Note: write your answer as a decimal, rounded to 2 decimal places. For example, if your answer is 0.125, write 0.13 Anton turns his attention to the Australian Financial System. According to his research, Australia has 1000 million dollars of paper money in circulation initially. The Australian government decides to issue new paper money; whenever the old money comes into the banks, it is destroyed and replaced by an equal amount of new money. After 8 weeks, 250 million dollars of NEW paper money are circulating in the country. Let N(t) be the amount of OLD money (in millions of dollars) in circulation at time t (in weeks). Then N(t) satisfies the differential equation: Part a [2 marks] The order and degree of the above differential equation are dN = KN dt and (Enter a number in the boxes) Part b [3 marks] How long (in weeks) will it take for 75% of the paper money in circulation to be new paper money? respectively. Note: write your answer as a decimal, rounded to 2 decimal places. For example, if your answer is 0.125, write 0.13