Answer:
27 years approx
Step-by-step explanation:
Given data
Principal P= $ 3,000
Final amount A= $ 7000
Rate r= 5%
The simple interest expression is
A=P(1+rt)
substitute and solve for t
7000=3000(1+0.05t)
7000=3000+150r
7000-3000=150r
4000=150t
t= 4000/150
t= 26.66
Hence, the time is 27 years approx
