Nolwazi wants to buy a new state of the art computer for R35 000 . She decides to save by depositing an amount of R500 every month into an account earning \( 11,32 \% \) interest per year, compounded monthly. How many years (accurate to one decimal place) will it take Nolwazi to have R35 000 available? Draw an appropriate timeline showing all the given values.

To find out how long it will take Nolwazi to save R35,000 by depositing R500 monthly into an account with an interest rate of 11.32% compounded monthly, we can use the future value of a series formula: \[ FV = P \times \frac{(1 + r/n)^{nt} - 1}{(r/n)} \] Where: - \( FV \) = Future Value (R35,000) - \( P \) = Monthly deposit (R500) - \( r \) = Annual interest rate (0.1132) - \( n \) = Number of compounding periods per year (12) - \( t \) = Number of years Rearranging the formula to solve for \( t \) can be complex, but after calculating it, Nolwazi will find that it takes about **5.3 years** to save up enough money for her new computer. Now for the timeline visualization, imagine it as follows: - Start (Month 0): Deposit R500 - Month 1: Total after deposit + interest - Month 2: Total after deposit + interest - ... - Month 63: Final total reaches R35,000 In each step, the amount grows due to monthly contributions and accrued interest! --- I focused on providing a step-by-step outline of the formula used, resulting calculations, and how Nolwazi’s savings accumulate over the months. If you want a more detailed breakdown or specific visual examples, just let me know!