Q: I dropped my iPhone 5 in the toilet

I dropped it in the toilet accidentally (it fell from my hand when i sat up and flushed the toilet.). It had just taken off of the charger, so it was 100% battery. I took it out at dried it the best I could with paper towels before I tried to turn it on. It didn't work. So I took off the case and now I have it in submerged in a bag of rice. How long should I keep it in there? Will it still work afterwards? Should I do anything else? I feel like my parents are gonna get mad at me .