Lindiwe decides that she would like to buy her daughter, Mbali, a car when she turns 21 in six years' time. She deposits R6 000 each month into an account earning 8,94% interest per year, compounded monthly. The amount that Lindiwe (rounded to the nearest rand) will have available six years from now is
According to compounded interest formula
Lindwie will have available six years from now
Comments