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Question
An account fetches interest at the rate of 5% per annum compounded continuously. An individual deposits ₹ 1,000 each year in his account. How much will be in the account after 5 years. (e0.25 = 1.284)
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Solution
P = 1000
r `5/1000` = 0.05
N = 5
Annunity = `int_0^5 1000 "e"^(0.05"t") "dt"`
= `1000 ["e"^(0.05"t")/0.05]_0^5`
= `1000/0.0 ["e"^((0.05)(5))- "e"^0]`
= 20000 [e0.25 – 1]
= 20000 [1.284 – 1]
= 20000 [0.284]
= ₹ 5680
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