t = 7.23 years (either 5 or 10, you choose)
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).
