A sum of ₹50 000 is deposited in a bank that offers continuous compounding at a…
MATHEMATICS · Multi-part · AP · AP Precalculus · Exponential and Logarithmic Functions · Exponential and Logarithmic Functions
Problem
A sum of ₹50 000 is deposited in a bank that offers continuous compounding at a nominal annual rate of 6 %.
(i) Write an expression for the amount A(t) in the account t years after the deposit.
(ii) Calculate the amount in the account after 3 years, correct to the nearest rupee.
(iii) Determine the time, to two decimal places, required for the deposit to grow to ₹70 000.