Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

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

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.