The simple interest formula is as follows:
Where P is the principal amount (the initial amount), r is the annual rate and t is the time in years.
The final amount is the initial amount plus the interest, so:
We have the princiapl value $134,000, the final value $1,000,000 and the rate of 7.7%, so:
So, we can solve for t and input the values:
So, you must wait approximately 84 years.