Concept explainers
The following information is available for a bank account:
Date | Deposits | Withdrawals | Interest | Balance |
5/1 | 1522.33 | |||
220.13 | 327.26 | |||
6/1 | ||||
216.80 | 378.51 | |||
7/1 | ||||
450.35 | 106.80 | |||
8/1 | ||||
127.31 | 350.61 | |||
9/1 |
Note that the money earns interest which is computed as
Interest
where
(a) Use the conservation of cash to compute the balance on 6/1, 7/1, 8/1, and 9/1 if theinterest rate is 1% per month
(b) Write a differential equation for the cash balance in the form
where
For this case, assume that interest is compounded continuously; that is, interest
(c) Use Euler's method with a time step of 0.5 month to simulate the balance. Assume that the deposits and withdrawals are applied uniformly over the month.
(d) Develop a plot of balance versus time for(a) and (c).
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