Andrew invests $500 into a bank account which promises 6.5 percent annual interest. Sometime later, he checks his account balance to see that it is $543. For how many months has his money remained in the account?
Hi there:) The formula is A=p (1+r (t/12)) A future value 543 P present value 500 R interest rate 0.065 T time? 543=500 (1+0.065 (t/12)) Solve for t T=(((543÷500)−1)÷0.065)×12 T=15.9 months round your answer to get T=16 months
