A bucket of water is to be raised from the bottom of a 40 foot well. When the bucket is full, it weighs 60 pounds. However, as it is raised, the water leaks out at a rate
of 1/2 gallon per 10 feet that the bucket is raised. (1 gallon is 8.3 pounds).
The rope is 2 pounds per foot. How much work is done raising the bucket
to the top?
Starting with $80,000, how much money do you have after 6 years if the interest rate of 7%
is a) Compounded yearly
b) Compounded monthly
c) Continuously compounded