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.