Answer:
[tex]t=64.2\ years[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
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=\$9,400\\ A=\$47,100\\r=6.25\%=6.25/100=0.0625[/tex]
substitute in the formula above
[tex]47,100=9,400(1+0.0625t)[/tex]
solve for t
[tex]t=[(47,100/9,400)-1]\0.0625[/tex]
[tex]t=64.2\ years[/tex]
