Some further examples on 1st – order

modeling
(1) You just won the lottery. You put your $5,000,000 in winnings into a fund that has a rate of
return of 4%. Each year you use $300,000. How much money will you have twenty years from
now?
Solution
We let x(t) be the balance left after t years.
By the fundament property of rates: Total Rate = Rate In – Rate Out
The rate out is 300,000 and the rate in is 0.04x. Therefore the ODE is

From the IC
(2) A bottle of orange juice being taken out of refrigerator at 2 degree C warms up 5 degree C
in 5 min while sitting in a room of temperature 23 degree C. How warm will the orange juice
be if left out for 15 min?
Let T (t) be the temperature of orange juice. t = 0 is the time when orange juice taken out
of refrigerator.

By Newton’s law of cooling