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An oil company discovered an oil reserve of 100 million barrels. For time t > 0, in

Applied Calculus | 5th Edition | ISBN: 9781118174920 | Authors: Deborah Hughes-Hallett Patti Frazer Lock Andrew M. Gleason Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, & 7 more

Problem 21 Chapter 6.5

Applied Calculus | 5th Edition

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Applied Calculus | 5th Edition | ISBN: 9781118174920 | Authors: Deborah Hughes-Hallett Patti Frazer Lock Andrew M. Gleason Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, & 7 more

Applied Calculus | 5th Edition

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Problem 21

An oil company discovered an oil reserve of 100 million barrels. For time t > 0, in years, the companys extraction plan is a linear declining function of time as follows: q(t) = a bt, where q(t) is the rate of extraction of oil in millions of barrels per year at time t and b = 0.1 and a = 10. (a) How long does it take to exhaust the entire reserve? (b) The oil price is a constant $20 per barrel, the extraction cost per barrel is a constant $10, and the market interest rate is 10% per year, compounded continuously. What is the present value of the companys profit?

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Chapter 6.5, Problem 21 is Solved
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Textbook: Applied Calculus
Edition: 5
Author: Deborah Hughes-Hallett Patti Frazer Lock Andrew M. Gleason Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, & 7 more
ISBN: 9781118174920

Applied Calculus was written by Patricia and is associated to the ISBN: 9781118174920. This full solution covers the following key subjects: . This expansive textbook survival guide covers 72 chapters, and 2635 solutions. The answer to “An oil company discovered an oil reserve of 100 million barrels. For time t > 0, in years, the companys extraction plan is a linear declining function of time as follows: q(t) = a bt, where q(t) is the rate of extraction of oil in millions of barrels per year at time t and b = 0.1 and a = 10. (a) How long does it take to exhaust the entire reserve? (b) The oil price is a constant $20 per barrel, the extraction cost per barrel is a constant $10, and the market interest rate is 10% per year, compounded continuously. What is the present value of the companys profit?” is broken down into a number of easy to follow steps, and 111 words. The full step-by-step solution to problem: 21 from chapter: 6.5 was answered by Patricia, our top Calculus solution expert on 01/22/18, 03:47PM. This textbook survival guide was created for the textbook: Applied Calculus, edition: 5. Since the solution to 21 from 6.5 chapter was answered, more than 218 students have viewed the full step-by-step answer.

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