
Foster O. answered 10/29/18
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Use simple annual interest formula: I =Prt ( I= interest; P=present value; r= rate; t = time)
I =$303.52 P =$542 and r =0.07 (7%)
Solve:
303.52 = 542*0.07*t
t = 303.52/(542*0.07)
t = 8yrs
So it would take 8yrs