In a bank, principal increases continuously at the rate of 5% per year. In how many years will Rs. 1000 double itself?
Answer & explanation
Correct answer: option 2
dP/dt = (5/100) x P
dp/P = dt/20 and the integrate to get :
P = 1000 et/20
put P = 2000 and get :
t = 20 ln 2