Question

Its financial I need help​

Answer 1

Answer:

12 years

Step-by-step explanation:

Simple interest formula:

$I=P\cdot r\cdot t,$

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

$391.78=616\cdot 0.053\cdot t\\ \\t=\dfrac{391.78}{616\cdot 0.053}\approx 12$