A certain small country has $10 billion in paper currency in circulation, and each day
Chapter 9, Problem 38(choose chapter or problem)
A certain small country has $10 billion in paper currency in circulation, and each day $50 million comes into the countrys banks. The government decides to introduce new currency by having the banks replace old bills with new ones whenever old currency comes into the banks. Let denote the amountof new currency in circulation at time , with .(a) Formulate a mathematical model in the form of an initialvalueproblem that represents the flow of the newcurrency into circulation.(b) Solve the initial-value problem found in part (a).(c) How long will it take for the new bills to account forof the currency in circulation?
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