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Initially, $2000 is deposited into a retirement account which pays 5% interest per year, compounded continuously....

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Advance Math

Initially, $2000 is deposited into a retirement account whichpays 5% interest per year, compounded continuously. New money isadded to the account at the rate of $1000 per year. How much willbe in the account after 10 years?

Please use the method of ordinary differential equations tosetup and complete the problem. Also please show all steps and workclearly so I can follow your logic and learn to solve similar onesmyself. I will rate your answer for you and leave feedback. Thankyou kindly!

Answer & Explanation Solved by verified expert
4.3 Ratings (532 Votes)
From here we can do I there mate of inteuestconstant is 5 which is Here we know the formula if it Compoun deda times in a year then amount aften it is A Pa eht Where a bethe rate    See Answer
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