Money in a Bank Account Earns Interest at a Continuous

question 40

Short Answer

Money in a bank account earns interest at a continuous rate of 6% per year, and payments are made continuously out of the account at the rate of $10,000 per year. The account initially contains $100,000. Write a differential equation for the balance, B, in the account in t years and use it to find how many years it will take for the account to run out of money. Round to 1 decimal place.

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Definitions:

Work Hours

The scheduled period of time during which an individual is required to perform tasks for their employer or occupation.

Natufians

A prehistoric culture located in the Levant, known for early forms of sedentism and agriculture in the Epipaleolithic period.

Grains

Small, hard seeds of cereals such as wheat, rice, or corn, used as food for humans and animals or for planting new crops.

Productive Crops

Plants cultivated for agricultural purposes that yield a high volume of edible or useful produce.