PLZ HELP!!!
1 answer:
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Answer:
12 years
Step-by-step explanation:
Simple interest formula:
where
I = interest,
P = principal,
r = rate (as decimal),
t = time
In your case,
P = $616
I = $1,007.78 - $616 = $391.78
r = 0.053
t - unknown, so
I am going to give you an example and then you could plug in your numbers.
