You invest $20,000 in the bank with a 5% annual interest rate, compounded continuously and you withdraw $1100 per year, spread uniformly throughout the year. a. Find the initial value problem which describes the amount of money, P(t), that you have in the bank at time t. b. How long it would take to run out of money? (That is for what t is P(t)=0) c. Repeat part a and part b if, instead of $1100 per year, you withdrew $1200 per year instead.

I need the answer for part (B) & (C) please

The formula for computing the amount of money in a savings account with an r% annual in- r t erest rate (compounded each year) t years after opening with $P is given by A(t) = P (1 + 100 o compound each year (or annually) means that the interest is computed and added to the ac- ount once a year. The interest the next year is computed on the new account value (with the revious year's interest included). 1. Eloisa plans to put $200 in a savings account with a 3.5% annual interest rate. (a) Write a function for how much money will be in the account in t years. (b) How much will be in the account after 5 years? (c) How long will it take to have $400 in the account? Explain how you found your answer.

A savings account with an interest rate r, which is compounded n times per year, and begins with P as the principal (initial amount), has the discrete nt compounding formula A (t) = P(1+)". This is n because we multiply the amount by itself plus a small amount, determined by the interest rate, and the account grows each time the compounding occurs. For continuous compounding, we use the formula A (t) = Pert , and if we have seen this formula before, we may not have gotten a satisfactory answer as to why we use it, other than some vague notion of "compounding infinity times per year". In this exercise, we'll use Bernoulli's Rule to find the connection. It might be helpful to review the "Indeterminate Powers" section of the video before beginning. Why can we write nt lim,→00 P(1+ )"t P limn¬∞ (1+)™ ? n