Answer:
[tex]15\ years[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
A is the Final Investment Value
I is the amount of money in Interest
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=?\ years\\ P=\$1,000\\ A=\$2,200\\r=0.08[/tex]
Find the interest I
[tex]I=A-P=\$2,200-\$1,000=\$1,200[/tex]
substitute in the formula above
[tex]\$1,200=\$1,000(0.08t)[/tex]
Solve for t
[tex]t=1.2/0.08=15\ years[/tex]
