Answer:
The amount required to be deposited in the bank is $44449 if $60000 is required in the bank after 3 years at the interest rate of 10%.
Step-by-step explanation:
As values are not provided in this question thus a similar question is found, which is attached herewith.
From the data
Amount needed in the bank=A=$60000
Number of years=t=3 years
Interest Rate=r=10%=0.1
So the continuous compounded interest is given as
[tex]A=Pe^{rt}[/tex]
By substitution of values in the equation
[tex]A=Pe^{rt}\\60000=Pe^{0.1*3}\\60000=Pe^{0.3}\\P=60000/e^{0.3}\\P=$44449[/tex]
So the amount required to be deposited in the bank is $44449 if $60000 is required in the bank after 3 years at the interest rate of 10%.
