Open Question: Differential equation. I really have trouble with this!?

Posted: July 5th, 2009 ˑ Filled under: fcukin, Hot, Inane, Internet, Web ˑ  Comments Closed
The price £P of an item at time t years is to be modelled as a continuous variable such that the rate of increase of P is directly proportional to P. (a) Write down a differential equation that is satisfied by P. [1] (b) Given that the price of the item at t = 0 is £50, show that P = 50ekt, where k is a positive constant. [5] (c) After seven years the price of the item is £65. Find the price of the item after sixteen years. [4] Please could you outline the basic principles of how to do this sort of thing? I have no idea where to begin in the slightest! Any help would be greatly appreciated :)
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