You invest $5000 at 8% simple interest paid annually how long will it take for investment to reach $8000

8 years

Step-by-step explanation:

You need to use the future value for simple interest equation here:

future value = principal x (1 + interest rate x time)

Given:

FV = 8000

p = 5000

r = 0.08

t = ?

It will take 8 years to reach $8000 (you need to round the 7.5 up because the interest is only calculated once annually - your answer must be a whole number).