You make an initial deposit of $500 in a savings account and plan on making future deposits
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You make an initial deposit of $500 in a savings account and plan on making future deposits at a gradually increasing annual rate given by 90t + 810 dollars per year, t years after the initial deposit. Assume that the deposits are made continuously and that interest is compounded continuously at the rate of 6%. Let P(t) denote the amount of money in the account.
(a) Set up an initial-value problem that is satisfied by P(t).
(b) Find P(t).
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Related Book For
Calculus And Its Applications
ISBN: 9780134437774
14th Edition
Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar
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