Answer:
The time required is about 75 years 3 months
Step-by-step explanation:
We know that the simple interest is expressed as
A = P (1 + rt)
A = final amount =$8200
P = initial principal
: balance=$200
r = annual interest rate 7.75%
7.75/100= 0.0775
t = time (in years)
Substituting our data into the expression we have
8200= 1200(1+0.0775*t)
8200=1200+93t
93t= 8200-1200
93t= 7000
t= 75.27
The time required to get a total amount, principal plus interest, of $8,200.00 from simple interest on a principal of $1,200.00 at an interest rate of 7.75% per year is 75.27 years (about 75 years 3 months)
in degrees.