Answer:
The approximate time that it will take Mary to save R40000 is 29 years
Step-by-step explanation:
A= p(1+r/n)^nt
t = log(A/P) / n[log(1 + r/n)]
A = R40000
n = 4
P = R400
r = 16%
t = log(A/P) / n[log(1 + r/n)]
= log(40,000 / 400) / 4{log(1+0.16/4)}
= log(100) / 4{log(1+0.04)}
= 2 / 4{log(1.04)}
= 2 / 4(0.0170)
= 2 / 0.068
= 29.41
t = 29.41 years
Approximately 29 years
The approximate time that it will take Mary to save R40000 is 29 years
