Question

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

Answer 1

4 Years

Explanation:

t = I/Pr

Note the 600 is the total amount in the account.

Therefore Interest, I = 600 - 500 = 100.

t = 100 / (500 * 5%)

t = 100 / (500 *0.05)

t = 4

It will take 4 years.

Answer 2

4 years hope this helps

Explanation: