Answer:
8 years
Step-by-step explanation:
Use formula
[tex]I=P\cdot r\cdot t,[/tex]
where
I = interest
P = principal
r = rate (as decimal)
t = time
In your case,
I = $175.84
P = $314
r = 0.07, then
[tex]175.84=314\cdot 0.07\cdot t\\ \\175.84=21.98t\\ \\t=\dfrac{175.84}{21.98}\\ \\t=8[/tex]
