Question

a man invests $16800 in a savings plan that pays simple interest at a rate 5% per annum find the time taken for his investment to grow to $18900

Please answer fast

Answer 1

Answer:

Known values:

A / Starting Amount = $3,000

B / Invest Rate = 5% x $3,000 / year*

T / Total Amount = A + B

   The operation:

   T = A + B

   T = $3,000 + (5% x $3,000)

   T = $3,000 + $150

   T = $3,150

*if the time takes more than a year, multiply the year count with B. Example:

Time = 3 years. So:

B = 3 years x (5% x $3,000)

= 3 years x $150 = $450

Step-by-step explanation:

Known values:

A / Starting Amount = $3,000

B / Invest Rate = 5% x $3,000 / year*

T / Total Amount = A + B

   The operation:

   T = A + B

   T = $3,000 + (5% x $3,000)

   T = $3,000 + $150

   T = $3,150

*if the time takes more than a year, multiply the year count with B. Example:

Time = 3 years. So:

B = 3 years x (5% x $3,000)

= 3 years x $150 = $450

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