## 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 in progress 0 6 months 2021-07-27T16:33:21+00:00 1 Answers 25 views 0 ## Answers ( ) 1. 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;

Therefore, we have;

Plugging in the values, gives;

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