Question

Andrew invests $500 into a bank account which promises 6.5 percent annual interest. Sometime later, he checks his account balance to see that it is $543. For how many months has his money remained in the account?

Answer 1

Hi there:)
The formula is
A=p (1+r (t/12))
A future value 543
P present value 500
R interest rate 0.065
T time?
543=500 (1+0.065 (t/12))
Solve for t
T=(((543÷500)−1)÷0.065)×12
T=15.9 months round your answer to get
T=16 months

Hope it helps