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Marat540 [252]
3 years ago
6

A man invests $16 800 in a saving plan that pays simple interest at a rate of 5%. Find the time taken for his investment to grow

to $18 900.
Please explain
Mathematics
2 answers:
NeX [460]3 years ago
7 0

Answer:

2.5 years

Step-by-step explanation:

Given

Investment P = $16800

Interest rate r = 5% = 0.05

Final amount A = $18900

Time t = ?

Use the formula

A = P(1 + rt), where A - final amount, P - investment, r- interest rate, t- time

Substitute the given numbers and solve for t:

18900 = 16800( 1 + 0.05t)

1 + 0.05t = 18900/16800

1 + 0.05t  = 1.125

0,05t = 0.125

t = 0.125/0.05

t = 2.5 years

Step-by-step explanation:

san4es73 [151]3 years ago
5 0

Answer:

  • 2.5 years

Step-by-step explanation:

<u>Given</u>

  • Investment P = $16800
  • Interest rate r = 5% = 0.05
  • Final amount A = $18900
  • Time t = ?

<u>Use the formula</u>

  • A = P(1 + rt), where A - final amount, P - investment, r- interest rate, t- time

<u>Substitute the given numbers and solve for t:</u>

  • 18900 = 16800( 1 + 0.05t)
  • 1 + 0.05t = 18900/16800
  • 1 + 0.05t  = 1.125
  • 0,05t = 0.125
  • t = 0.125/0.05
  • t = 2.5 years

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