Question
In a bank, principal increases continuously at the rate of 5% per year. In how many years Rs. 1000 double itself ?
Solution
Let P be the principal at any time t. According to the given problem,
Separating the variables, we get
Integrating,
or
or
...(1)
Now
Putting c = 1000 in (1), we get
Let t years be the time required to double the principal. Then
Separating the variables, we get
Integrating,
or
or
...(1)Now
Putting c = 1000 in (1), we get
Let t years be the time required to double the principal. Then
