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Sagot :
Answer:
2.5 years
Step-by-step explanation:
The given amount invested, which is the principal, P = $16,800
The simple interest rate, R = 5% per annum
The intended total value of the investment, A = $18,900
The simple interest on the principal, I = A - P
∴ I = $18,900 - $16,800 = $2,100
The formula for the simple interest, I, is given as follows;
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
Therefore, we have;
[tex]T = \dfrac{I \times 100}{P \times R}[/tex]
Plugging in the values, gives;
[tex]T = \dfrac{2,100 \times 100}{16,800 \times 5} =2.5[/tex]
The time it will take the investment to grow to $18,900 is T = 2.5 years
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