Equation: t = (1/r)(A/P - 1) Calculation: First, converting R percent to r a decimal r = R/100 = 8.3%/100 = 0.083 per year, then, solving our equation
t = (1/0.083)((80000/50000) - 1) = 7.23 t = 7.23 years
The time required to get a total amount, principal plus interest, of $ 80,000.00 from simple interest on a principal of $ 50,000.00 at an interest rate of 8.3% per year is 7.23 years (about 7 years 3 months).
