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Effective annual interest of rate

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Mrs Felicia has a 10 year old niece, Melin. Melin is working towards saving for a N300 computer. Mrs Felicia wishes to support Melin but she also want to teach her a lesson in the value of money. So Mrs Felicia and Melin agrees on a deal. Each week Melin will fetch water for Mrs Felicia and in turn Mrs Felica will deposit N25 in Melin's account which pays an effective annual interest of rate of 7% . how many months will it take Melin to save enough cash to buy the computer?

Reference no: EM132525289

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