A man invests $ 16800 in savings plan that pays simple interest at a rate of 5% per annum. Find the Tim’s taken for his investment to grow t

Question

A man invests $ 16800 in savings plan that pays simple interest at a rate of 5% per annum. Find the Tim’s taken for his investment to grow to $18900

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Huyền Thanh 6 months 2021-07-27T16:33:21+00:00 1 Answers 25 views 0

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    2021-07-27T16:35:17+00:00

    Answer:

    2.5 years

    Step-by-step explanation:

    The given amount invested, which is the principal, P = $16,800

    The simple interest rate, R = 5% per annum

    The intended total value of the investment, A = $18,900

    The simple interest on the principal, I = A – P

    ∴ I = $18,900 – $16,800 = $2,100

    The formula for the simple interest, I, is given as follows;

    I = \dfrac{P \times R \times T}{100}

    Therefore, we have;

    T = \dfrac{I \times 100}{P \times R}

    Plugging in the values, gives;

    T = \dfrac{2,100 \times 100}{16,800 \times 5} =2.5

    The time it will take the investment to grow to $18,900 is T = 2.5 years

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