[quote author=SarahD post=36994954]If you save 2000naira every month at 12% per year, you would have saved 24000 in the first year. Your interest for first year will be 2880naira and your money in will be 24000+2880= 26880.
In the second year, you will save an extra 24000, add it to 26880 of last yeat and your principal will be 50880. 12% of 50880 is 6105,6naira, you will now have 50880+6105.6, which gives you 56985.6 naira at the end of the second year.
In the third year, your principal will be 56985.6+another 24000 which is 80985.6naira. Then get 12% of that and you continue calculating it in that manner till you get to the 20th year.

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