Register

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

You put $500 in your bank account. With an interest rate of 5%, how long will it take the account to reach $600?
193k views
0 votes
You put $500 in your bank account. With an interest rate of 5%, how long will it take the account to reach $600?

User Typedeaf
by
7.8k points

2 Answers

5 votes
Hi there! $500 is currently in the bank and you earn 5% interest. 500 * 5% (0.05) is 25. You earn $25 in interest in 1 year. 500 is 100 a way from 600. 100/25 is 4. It will take 4 years for the account to reach $600.
User Harolyn
by
7.7k points
4 votes
5% = $ 25 from $ 500
$ 600/25 = 24

User Cyao
by
8.1k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!