Suppose that P, is invested in a savings account in which interest is compounded continuously at 5.7% per year. That is, the balance dp P grows at the rate given by P = .057P(t) dt a) Find the function P(t) that satisfies the equation. b) Suppose that $1500 is invested. What is the balance after 3 years? 1
Suppose that P, is invested in a savings account in which interest is compounded continuously at 5.7% per year. That is, the balance dp P grows at the rate given by P = .057P(t) dt a) Find the function P(t) that satisfies the equation. b) Suppose that $1500 is invested. What is the balance after 3 years? 1
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Suppose that P, is invested in a savings account in which interest
is compounded continuously at 5.7% per year. That is, the balance
dp
P grows at the rate given by P = .057P(t)
dt
a) Find the function P(t) that satisfies the equation.
b) Suppose that $1500 is invested. What is the balance after 3 years?
12
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