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.
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