Question

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.

Answer 1

Okay, if your balance starts at $500, and increases to $600, how much of that $600 is interest? That is your value for \(I\). With an interest rate of \(5\%\), \[r = \frac{5\%}{100\%} = \frac{5}{100} = 0.05\]
Plug in the numbers and solve for \(t\)

Answer 2

ok thanks
@whpalmer4