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

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User Typedeaf
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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.
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User Harolyn
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7.7k points
4 votes
5% = $ 25 from $ 500
$ 600/25 = 24

answered
User Cyao
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8.1k points
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