Amit deposits in a bank that credits interest continuously at a fixed annual rate of 6 %
MATHEMATICS · Multi-part · A Level · Mathematics · Exponentials and logarithms · Exponentials and logarithms
Problem
Amit deposits ₹2,50000 in a bank that credits interest continuously at a fixed annual rate of 6\%. Treat the interest as being compounded continuously.
(i) Calculate the value of Amit’s deposit on 1 July 2025, given that the deposit was made on 1 January 2022.
(ii) Determine, correct to the nearest month, how long it will take for the deposit to reach ₹400000.