3 years ago

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

2 answers:

5 0

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.

Natali5045456 [20]3 years ago

3 0

5% = $ 25 from $ 500
$ 600/25 = 24

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