Suppose the company in Exercise 7 wants to accumulate $500,000 in 3 years. Find the approximate yearly deposit that will be required.

Exercise 7

To provide for a future expansion, a company plans to make continuous deposits to a savings account at the rate of $50,000 per year, with no initial deposit. The managers want to accumulate $500,000. How long will it take if the account earns 10% interest compounded continuously?