Ignacio deposited $500 at a rate of 5% and accrued $50 in interest. Find out how much time Ignacio accrued interest for. Round to the nearest whole number.

To find how much time Ignacio accrued interest for, we can use the simple interest formula:

\[
I = P \times r \times t
\]

Where:
- $ I $ is the interest earned ($50),
- $ P $ is the principal amount ($500),
- $ r $ is the annual interest rate (5% or 0.05),
- $ t $ is the time in years.

Now, solving for $ t $:

\[
t = \frac{I}{P \times r}
\]

Substituting the given values:

\[
t = \frac{50}{500 \times 0.05}
\]

\[
t = \frac{50}{25} = 2
\]

So, Ignacio accrued interest for **2 years**.

Would you like more details or further explanation on this? Here are five related questions:

1. What if Ignacio deposited a different amount, say $1000, how would the time change?
2. How would the time change if the interest rate was 3% instead of 5%?
3. Can this formula be used for compound interest as well?
4. What happens if the interest is accrued monthly instead of yearly?
5. How does the formula change if the interest earned is negative?

**Tip:** When dealing with simple interest, the time is always directly proportional to the interest earned, so doubling the interest would double the time.

Learn how to calculate the time Ignacio accrued interest on his $500 deposit at a 5% interest rate, earning $50 in interest. This problem covers simple interest calculations using basic algebra and is suitable for students in Grades 6-8.

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