Question

Nemo wants to buy a new state of the art computer for 35000. He decides to save by depositing an amount of R500 once a month into an account earning 11.32% interest per year, compounded monthly. The approximate time it will take Nemo to have 35000 available equals 1) 40 months 2) 54 months 3) 70 months 4) 115 months 5) None of the above

Answer 1

add 500$/month, get 11.32%, want 35,000$, kompound month

take 54 months=4yr 6 month