Answer: 3.57 years
Step-by-step explanation:
Based on the question given, the interest is the difference between the amount and the principal which will be:
= $19800 - $16800
= $3000
The formula for Simple interest is given as:
Interest = Principal × Rate × Time
3000 = 16800 × 5% × Time
3000 = 16800 × 0.05 × Time
3000 = 840 × Time
Time = 3000 / 840
Time = 3.57
The time taken to grow the investment is 3.57 years
