You just purchased two coins at a price of $1,270 each. Because one of the coins is more collectible, you believe that its value
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Answer:
Therefore rate of payment = $ 3145.72
Therefore the rate of interest = =$1573.17
Step-by-step explanation:
Consider A represent the balance at time t.
A(0)=$ 7864.
r=13 % =0.13
Rate payment = $k
The balance rate increases by interest (product of interest rate and current balance) and payment rate.
.......(1)
To solve the equation ,we have to find out the integrating factor.
Here p(t)= the coefficient of B =-r
The integrating factor
Multiplying the integrating factor the both sides of equation (1)
Integrating both sides
[ where C arbitrary constant]
Initial condition B=7864 when t =0
Then the general solution is
To determine the payment rate, we have to put the value of B(3), r and t in the general solution.
Here B(3)=0, r=0.13 and t=3
⇒k≈3145.72
Therefore rate of payment = $ 3145.72
Therefore the rate of interest = ${(3145.72×3)-7864}
=$1573.17