Let \(f:[0,\infty )\times \mathbb {R}^d\to \mathbb {R}^d\) be a continuous function and \(x_0\in \mathbb {R}^d\) and \(L\in \mathbb {R}\) be such that
\[ |f(t,x)-f(t,y)|\le L|x-y| \quad \text {for all } x,y\in \mathbb {R}^n \text { and all } t\in \mathbb {R}. \]
Show that there is \(T>0\) such that the Picard iterates converge to a continuously differentiable solution of the initial value problem
\[ \dot {x}=f(t,x) \]
\[ x(0)=x_0 \]
on \([0,T]\). [Don’t just quote a result. State the theorem and give as complete and detailed a proof as you can.]