Question 1002717
There's a simple formula for simple interest:  I = prt.

I is the interest earned.  In this case it's $500.
p is the principal, the amount at the beginning, the amount saved.  In this case its $8500.
r is the interest rate.  This is generally the %/100.  In this case it's 4.25 / 100 =.0425.

t is the amount of time.  It's expressed in the same time frame as the interest.  In this case, the interest is yearly (APR), so t will be in years.  t is the unknown or what we want to find.

Plug in the numbers:


$500 = $8500*.0425 * t
$500 = 361.25*t

500/361.25 = t = 1.384 years.  That's a little more than 1 year and 4 months.