1) Mr Chan borrows $10,000 from a bank at an interest rate of 20% p.a. compounded monthly. For at most how many months can Mr Chan borrow the money so that the total repayment to the bank will not exceed $11,000?
2) In an experiment to investigate the reproduction of a certain kind of cell, it is known that the number(N) of cells at the t-th hour of the experiment can be expressed as the following formula:
N =300 log t
If the number of cells at the t-th hour is increased by 90 when compared with that at 8 hours ago, find the value of t correct to the nearest integer.
ANSWER: 1) 9 years 2)16