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Find the equilibrium solution of the differential equation

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Reference no: EM131610984

Question: A deposit is made to a bank account paying 8% interest compounded continuously. Payments totaling $2000 per year are made from this account.

(a) Write a differential equation for the balance, B, in the account after t years.

(b) Find the equilibrium solution of the differential equation. Is the equilibrium stable or unstable? Explain what happens to an account that begins with slightly more money or slightly less money than the equilibrium value.

(c) Write the solution to the differential equation.

(d) How much is in the account after 5 years if the initial deposit is (i) $20,000? (ii) $30,000?

Reference no: EM131610984

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