Question

Its financial I need help​

Answer 1

12 years

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=(391.78)/(616\cdot 0.053)\approx 12`