A savings account earns 6% annual interest, compounded continuously. An initial deposit of $8500 is made, and thereafter money is withdrawn continuously at the rate of $480 per year. Does the following accurately represent this situation: $y ^ { \prime } = 0.06 y - 480 ; y ( 0 ) = 8500 ?$

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The differential equation $y' = 0.06y - 480$ correctly models the situation where the account balance $y$ grows continuously at a rate of 6% per annum (represented by $0.06y$) and decreases due to continuous withdrawals at a rate of $480 per year (represented by $-480$). The initial condition $y(0) = 8500$ correctly specifies that the initial deposit is $8500.

A Savings Account Earns 6% Annual Interest, Compounded Continuously y′=0.06y−480;y(0)=8500?y ^ { \prime } = 0.06 y - 480 ; y ( 0 ) = 8500 ?y′=0.06y−480;y(0)=8500?

A Savings Account Earns 6% Annual Interest, Compounded Continuously $y ^ { \prime } = 0.06 y - 480 ; y ( 0 ) = 8500 ?$