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The discriminant of a quadratic equation of the form

is
In order for the equation to have two roots (ie, two values of x for which the result of the function is zero), this discriminant must be positive. In the quadratic equation you provide, we have:
A = -16
B = v0
C = 0
Therefore, the discriminant is:
Since v0 is greater than zero, then the disciminant is positive; so we know that the equation

has two solutions. So we know that there are two values for t that make the altitude equal to 0.
When the quadratic coefficient in a quadratic equation is negative (in this case, it's -16), then the maximum of the equation can be found at its vertex, whose formula is

. So we know that at time

, the maximum altitude is attained.
In order to find the maximum altitude (what we've found is the TIME at which the maximum altitude is attained) we simply plug the t we found into the quadratic equation. So the maximum altitude will be: