It will take 27.69 years for the account value to reach 20,900
Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.
simple interest I is calculated as P×R×T/100
where P is the principal, R is the rate and T is time. To get the total amount A after a specific period A= P+I
I = $( 20900-6500)
=$ 14400
14400= 6500×8×t/100
therefore t= (14400×100)/(6500×8)
t= 27.69years( nearest tenth)
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