Reference no: EM13830115

Problem:

In the interest of saving up enough money for retirement, you have created a bank account to store a sum of money. Compound interest on this account is accumulated at 6% a month, but you withdraw 500 a month for living expenses. Set up the differential equation to describe the above equation (Also, define each variable).

Additional Information:

This question is basically from Mathematics as well as it discusses about setting up differential equation to describe a financial problem.