The Bank of Utopia offers an interest rate of 100% per annum with various option as to how the interest may be added. Gopal invests $1000 and considers the following options.
A Interest added annually at the end of the year.
B Interest of 50% credited at the end of each half-year.
C, D, E,...................... The Bank is willing to add interest as often required, subject to (interest rate) * ( number of credits per year) = 100
Investigate to find the maximum possible amount in Gopal%26#039;s account after one year.
Please help me find the solution of this problem.
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This is aq very interesting question. You should work it out so that you know your best options.
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$2718.18 at the end of the year. Use the formula
principle * exp(1 + interest rate) = year end balance to find this.
It%26#039;s a limit problem.
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