Answer:
142 years 3 months
Step-by-step explanation:
Let us assume the investment is made using a simple interest
Given data
Principal p= $1200
Rate r= 7.5%= 7.5/100= 0.075
Final amount A= $14000
Time t=?
The Simple interest formula is expressed as
A= p(1+rt)
Substituting we can solve for t
14000= 1200(1+0.075t)
14000= 1200+90t
14000-1200=90t
12800= 90t
t= 12800/90t = 142.22 years
The time required to get a total amount, principal plus interest, of $14,000.00 from simple interest on a principal of $1,200.00 at an interest rate of 7.5% per year is 142.22 years (about 142 years 3 months).
