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## 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

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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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Mathematics
6 months
2021-07-27T16:33:21+00:00
2021-07-27T16:33:21+00:00 1 Answers
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## Answers ( )

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