## Related questions with answers

The Bank of Utopia offers an interest rate of 100% per annum with various options as to how the interest may be added. Gopal invests $1000 and considers the following options. Option A Interest added annually at the end of the year. Option B Interest of 50% credited at the end of each half-year. Option C, D, E, . . . The Bank is willing to add interest as often as required, subject to (interest rate) x (number of credits per year) = 100. Investigate to find the maximum possible amount in Gopal's account after one year.

Solution

VerifiedThe item asks for the maximum possible amount $A$ of the account after a year among the given options which can be done by developing a pattern and obtain the amount $A$ for as the number of credits per year approaches infinity.

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