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

True/False

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 An initial deposit of $8500 is made, and thereafter money is withdrawn continuously at the rate of $480 per year.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: $y ^ { \prime } = 0.06 y - 480 ; y ( 0 ) = 8500 ?$