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A man invests $16800 in a savings plan that pays simple interest at a rate of 5% per annum. Find the time taken for his investment to grow to $19800.​

Sagot :

Answer: 3.57 years

Step-by-step explanation:

Based on the question given, the interest is the difference between the amount and the principal which will be:

= $19800 - $16800

= $3000

The formula for Simple interest is given as:

Interest = Principal × Rate × Time

3000 = 16800 × 5% × Time

3000 = 16800 × 0.05 × Time

3000 = 840 × Time

Time = 3000 / 840

Time = 3.57

The time taken to grow the investment is 3.57 years

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