Tony loans his friend $3,250 to assist with money he needs for his business. They establish a contract that will pay Tony 10.5% interest on his money and the loan will be paid in full once Tony is paid double his investment. If they use the simple interest formula, determine approximately how long it will take for Tony to be paid in full.
A. 9.5 years
B. 8.7 years
C. 10.5 years
D. 11.8 years
E. 8.2 years
F. 10.1 years
