Answer:
Twenty-two months (a year and ten months)
Explanation:
First, we have to find how much is 5% of 500
500 x 0.05 = 25
Next, you add it to 500
so after the first month, you will have $525
Then, we have to find 5% of 525
525 x 0.05 = 26.25
meaning that after the second month, you'll have $551.25
We keep on repeating these steps until we reach the desired amount.
month three:
$551.25 x 0.05 = 27.5625
551. 25 + 27.5625 = 578.8125
month four:
578.8125 x 0.05 = 28.940625
578.8125 + 28.940625 = 607.753125
month five:
607.753125 x 0.05 = 30.38765625
607.753125 + 30.38765625 = 638.14
month six:
638.14 x 0.05 = 31.91
638.14 + 31.91 = 670.05
month seven:
670.05 x 0.05 = 33.51
670.05 + 33.51 = 703.55
month eight:
703.55 x 0.05 = 35.18
703.55 + 35.18 = 738.73
month nine:
738.73 x 0.05 = 36.94
738.73 + 36.94 = 775.67
month ten:
775.67 x 0.05 = 38.78
775.67 + 38.78 = 814.45
month eleven:
814.45 x 0.05 = 40.72
814.45 + 40.72 = 855.17
month twelve:
855.17 x 0.05 = 42.76
855.17 + 42.76 = 897.93
month thirteen:
897.93 x 0.05 = 44.90
897.93 + 44.90 = 942.83
month fourteen:
942.83 x 0.05 = 47.14
942.83 + 47.14 = 989.97
month fifteen:
989.97 x 0.05 = 49.50
989.97 + 49.50 = 1039.47
month sixteen:
1039.47 x 0.05 = 51.97
1039.47 + 51.97 = 1091.44
month seventeen:
1091.44 x 0.05 = 54.57
1091.44 + 54.57 = 1146.01
month eighteen:
1146.01 x 0.05 = 57.30
1146.01 + 57.30 = 1203.31
month nineteen:
1203.31 x 0.05 = 60.17
1203.31 + 60.17 = 1263.48
month twenty:
1263.48 x 0.05 = 63.17
1263.48 + 63.17 = 1326.65
month twenty-one:
1326.65 x 0.05 = 66.33
1326.65 + 66.33 = 1392.98
month twenty-two:
1392.98 x 0.05 = 69.65
1392.98 + 69.65 = 1462.63
month twenty-three:
1462.63 x 0.05 = 73.13
1462.63 + 73.13 = 1535.76
So your final answer would be that it would take twenty-two months (a year and ten months) to have enough money to buy the computer.
p.s. sorry for the super long answer, I wanted to make sure you had the complete process. hope this helped!