1. For simplicity, assume that all the cash flows in this problem occur con- tin

Question

1. For simplicity, assume that all the cash flows in this problem occur con- tinuously, rather than only at discrete times.

Suppose that your parents deposit money into your bank account at the rate of $50 a day. You start out with $3,000 in your account. You also spend at a rate of 5% of your money per day. Your account is a no-interest checking account.

Write a differential equation for the amount of money in your account as a function of time, and solve the equation.

Also find an equilibrium solution.

Explanation / Answer

Suppose Dr/dt = 3000+0.05( 1+50/365*t) here   Rate = 5% , initial amout =3000, and deposit perday = 50

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