A student deposits (₹300 ) in the first month of a savings plan

MATHEMATICS · Multi-part · A Level · Mathematics · Sequences and series · Sequences and series

Problem

A student deposits

₹300

in the first month of a savings plan. Thereafter, the amount deposited each month increases by

10\%

of the previous month’s deposit. Let the total amount deposited after

n

months be

₹\,10,000

or just over this figure. (i) Write an expression for the total amount deposited after

n

months. (ii) Determine the least positive integer

n

for which the total amount deposited is at least

₹\,10,000

. (iii) Find the amount that will be deposited in the

(n+1)

th month and the total amount deposited by the end of that month.