Chapter 7, Problem 23E

Let y(t) represent your retirement account balance, in dollars, after t years. Each year the account earns 7% interest, and you deposit 8% of your annual income. Your current annual income is $34000, but it is growing at a continuous rate of 2% per year. Write the differential equation modeling this situation. dy dt

You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. Silver Research would let you make quarterly payments of $9,130 for 3 years at an interest rate of 3.27 percent per quarter. Your first payment to Silver Research would be today. Island Research would let you make monthly payments of $3,068 for 3 years at an interest rate of X percent per month. Your first payment to Island Research would be in 1 month. What is X? Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (do not enter .0986 or 9.86%). Round your answer to at least 2 decimal places. percent

You want to buy equipment that is available from 2 companies. The price of the equipment is the same for both companies. Orange Technology would let you make quarterly payments of $13,650 for 8 years at an interest rate of 1.93 percent per quarter. Your first payment to Orange Technology would be in 3 months. Island Technology would let you make monthly payments of $7,976 for 4 years at an interest rate of X percent per month. Your first payment to Island Technology would be today. What is X? Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (do not enter .0986 or 9.86%). Round your answer to at least 2 decimal places. percent