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Sagot :
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
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