Money in a bank account grows continuously at an annualrate of r (when the interest rate

Chapter 11, Problem 35

(choose chapter or problem)

Money in a bank account grows continuously at an annualrate of r (when the interest rate is 5%, r = 0.05, andso on). Suppose $2000 is put into the account in 2010.(a) Write a differential equation satisfied by M, theamount of money in the account at time t, measuredin years since 2010.(b) Solve the differential equation.(c) Sketch the solution until the year 2040 for interestrates of 5% and 10%.

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