A man invests $16 800 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 $18 900.
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Answer:
simple intrest = $18900-$16800
=$2100
TIME = S.I × 100/P×R
= $2100×100/16800×5
= $2100/168×5
= 100/8×5
=5/2 years (30 months )
Answered by
0
Answer:
Simple interest = $18900-$1680 =$2100
$2100×100/16800×5 = $2100/1 x 5
$2100/1×5 = 100/8×5 = 100/8×5
100/8×5 =5/2 years (30 months )
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