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15 January, 19:18

You put $500 in your bank account. With an interest rate of 5%, how long will it take the account to reach $600?

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Answers (2)
  1. 15 January, 19:25
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    It takes 4 time just use a calculatotor and put 500 + 5% = 525
  2. 15 January, 19:39
    0
    Interest = Amount - Principal = 600 - 500 = 100.

    From Simple Interest, I = PRT/100

    Time, T = 100I/PR

    Time T = (100 * 100) / (500 * 5) = 4

    Time = 4 years.
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