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Calculate the time in months it would take for a 1500 dollar investment in a tsfa to grow to a 1545 if the simple interest at a rate paid was 2%

Sagot :

It would take 17 months and 14 days for the investment to grow to $1545.

Solution-

To determine the time in months it would take for a $ 1500 dollar investment in a TFSA to grow to $ 1545 if the simple interest at a rate paid was 2% per annum,

The following calculation must be performed:

First, you must obtain 2% of 1545 to determine the interest generated per year.

$1545 x 2/100 = X

$30.9 = X

Then, a cross multiplication must be carried out considering the number of months it took to generate said interest, and compare it with the interest that arises from the subtraction :

1545 - 1500, that is, 45.

Then,

30.9 = 12

45 = X

45 x 12 / 30.9 = X

540 / 30.9 = X

17.47 = X

1 = 30

0.47 = X

14 = X

Therefore, it would take 17 months and 14 days for a $ 1500 dollar investment in a TFSA to grow to $ 1545.

Learn more about Interest on:

brainly.com/question/19903178

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