Simple interest:
[tex]A=P(1+rt)[/tex]Where:
[tex]\begin{gathered} A=\text{ final amount} \\ P=\text{ initial principal amount} \\ r=\text{ Annual amount} \\ t=\text{ time (in year)} \end{gathered}[/tex]So:
[tex]\begin{gathered} A=P(1+rt) \\ 13300=8400(1+(\frac{7.01}{100})t) \\ \frac{13300}{8400}=1+0.0701t \\ 1.5833=1+0.0701t \\ 0.0701t=1.5833-1 \\ t=\frac{0.5833}{0.0701} \\ t=8.32 \end{gathered}[/tex]time is 8.33 year
