Solved: A bank account earns 5% annual interest compounded continuously. Continuous
Chapter 0, Problem 39(choose chapter or problem)
A bank account earns 5% annual interest compounded continuously. Continuous payments are made out of the account at a rate of $12,000 per year for 20 years. (a) Write a differential equation describing the balance B = f(t), where t is in years. (b) Solve the differential equation given an initial balance of B0. (c) What should the initial balance be such that the account has zero balance after precisely 20 years?
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