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Problem

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Textbook Expert
Textbook ExpertVerified Tutor
1 Nov 2021

Given information

Let  denote the amount of new currency in circulation at time  , with  .

Step-by-step explanation

Step 1.

Here .

Now,

                                                     (1)

The solution of the initial value problem is 

 

Substitute the value from equation (1) in the above equation and simplify.

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