A deposit is made to a bank account paying 8% interestcompounded continuously. Payments
Chapter 11, Problem 9(choose chapter or problem)
A deposit is made to a bank account paying 8% interestcompounded continuously. Payments totaling $2000 peryear are made from this account.(a) Write a differential equation for the balance, B, inthe account after t years.(b) Find the equilibrium solution of the differentialequation. Is the equilibrium stable or unstable? Explainwhat happens to an account that begins withslightly more money or slightly less money than theequilibrium value.(c) Write the solution to the differential equation.(d) How much is in the account after 5 years if the initialdeposit is (i) $20,000? (ii) $30,000?
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