Faisal has in his savings account and can save an additional per year. If interest rates are 12%, how long will it take his savings to grow to ?

5 years and 4 months = 5.33 years

Explanation:

the question is incomplete and it is missing several numbers. I found the following question which I think is the complete:

"Faisal has $12,000 in his savings account and can save an additional $3600 per year. If interest rates are 12%, how long will it take his savings to grow to $47,000? "

by the end of year 1, Faisal will have:

by the end of year 2, Faisal will have:

by the end of year 3, Faisal will have:

by the end of year 4, Faisal will have:

by the end of year 5, Faisal will have:

Since Faisal is very close to his goal, we can calculate how much money he will have in 6 months:

in 5 years and 6 months, Faisal will have:

Faisal's savings are too high in 6 more months, so we can calculate in 3 more months instead:

in 5 years and 3 months, Faisal will have:

Faisal is just a little bit short:

in 5 years and 4 months, Faisal will have:

I guess we are close enough because in one more month he will have a significantly higher amount.

you're crazy if you think that someone is going to write a 500 word report for you.

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%