Suppose that an investment of $13,000 has grown in value at a rate of 9% per year. if the current value is $16,835.38, then how many years have passed? a. 4 c. 3 b. 4.5 d. 2

Using simple interest formula,
I = PNR
I = Interest = current value - initial value = 16835.38 - 13000 = 3835.38
P = Principal amount = 13000
N = number of years which we need to find.
R = rate of interest = 9% = 0.09.

So,
3835.38 = 13000*N*0.09
N = 3835.38/(130*9) = 3.278
so approximately 3 years have passed.

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