Answer:
9 years
Step-by-step explanation:
S.I = PRT/100
now since you’re aiming at $20,000 and what you deposited was $12,500, this means that you’re looking to raise 20,000-12,500 = $7,500 simple interest.
Hence, S.I = 7,500
P = 12,500
R = 6.5%
T = ?
Substituting these values into the simple interest equation:
7,500 = (12,500 * 6.5 * T)/100
T = (100 * 7,500)/(12,500 * 6.5)
T = 750000/81,250 = 9.23 approximately 9 years