Consider the balance B{t) of a bank account, with initial balance B(0) = Bq . We are

Chapter 9, Problem 32

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Consider the balance B{t) of a bank account, with initial balance B(0) = Bq . We are withdrawing money at a continuous rate r (in Euro/year). The interest rate is k (%/year), compounded continuously. Set up a differential equation for B(t), and solve it in terms of Bo, r, and k. What will happen in the long run? Describe all possible scenarios. Sketch a graph for B(t) in each case.

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