Final answer:
To calculate the time it takes for money to triple at a simple interest rate of 8%, use the formula 2P = P × 0.08 × time. This results in a time of 25 years for the investment to triple.
Step-by-step explanation:
The length of time required for money to triple in value at a simple interest rate of 8% per year can be determined using the formula for simple interest: Interest = Principal × rate × time. To triple the money, the interest earned must be twice the principal amount, since Principal + (2 × Principal) = 3 × Principal. Therefore, let P be the principal amount, the equation becomes 2P = P × 0.08 × time.
Solving for the time, we get time = 2P / (P × 0.08) = 2 / 0.08 = 25 years. So, the time required for the money to triple at a simple interest rate of 8% is 25 years.