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time in months it would take for a $1500 dollar investment in a TFSA to grow to $1545 if the simple interest at a rate paid was 2% per annum.

Sagot :

francocanacari

It would take 17 months and 14 days for the investment to grow to $1545.

To determine the time in months it would take for a $ 1500 dollar investment in a TFSA to grow to $ 1545 if the simple interest at a rate paid was 2% per annum, the following calculation must be performed:

First, you must obtain 2% of 1545 to determine the interest generated per year.

  • 1545 x 2/100 = X
  • 30.9 = X

Then, a cross multiplication must be carried out considering the number of months it took to generate said interest, and compare it with the interest that arises from the subtraction of 1545 - 1500, that is, 45.

  • 30.9 = 12
  • 45 = X
  • 45 x 12 / 30.9 = X
  • 540 / 30.9 = X
  • 17.47 = X
  • 1 = 30
  • 0.47 = X
  • 14 = X

Therefore, it would take 17 months and 14 days for a $ 1500 dollar investment in a TFSA to grow to $ 1545.

Learn more about interest in https://brainly.com/question/19903178.

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