SamuelA SamuelA

30-03-2016
Mathematics

Answered

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

Verified Answer :

olemakpadu olemakpadu

30-03-2016

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.

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