The interest formula is :
[tex]I=P\times r\times t[/tex]where I is the interest
P is the Initial amount
r is the rate of interest
and t is the time in years
From the problem,
P = 1000
I = 100
r = 7% or 0.07
Using the formula above, the time in years will be :
[tex]\begin{gathered} 100=1000(0.07)t \\ t=\frac{100}{1000(0.07)}=1.43 \end{gathered}[/tex]1.43 years
