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If You Can Solve This Maths, A Financial Institution Should Employ You. - Education (11) - Nairaland

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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:25pm On Aug 15, 2015
adora4u1:


That's the total value for 20 years, deposit plus interest. He only deposited 24,000 in the first year and nothing more. We are calculating the interest based on that. It's not that he deposits 24,000 every year.
dnt let ur feelings answer the question......it says he saves 2000 naira monthly....so u shldnt care if he saves evry year or not
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by NextProdigy(m): 10:26pm On Aug 15, 2015
N6,219,303.68

Six Million, Two Hundred and Nineteen Thousand, Three Hundred and Three Naira, Sixty Eight Kobo Only.

smiley
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:27pm On Aug 15, 2015
ZziClass1k:
This is a future value of annuity question.using this formula it can be solved. unfortunately i do not have a scientific calc. do the maths

Exactly.we got the same answer which i beleive we arw right.1,081,867
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:27pm On Aug 15, 2015
tunergy:
[I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).]
That's a new twist, so the deposit was for a year only?
Read The question above again.

Ok, thanks. I'll be back!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by cee001(m): 10:30pm On Aug 15, 2015
benedima1990:

I love mathematics
Same here
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by misspatsy(f): 10:31pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).
484800
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:33pm On Aug 15, 2015
Op I think de answer is #576000, abeg tell me if I am wrong or right.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Coolcash1: 10:35pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).

This is a simple ordinary annuity question. To solve this question we define relevant data;

PMT/year= N24,000; r=12%; N=20; PV=0

Use the ordinary annuity formula to get value of the periodic payments at the end of 20 years ie FV;

Answer is N1,729,258.62;

Principal amount is 24,000*20= 480,000.00
Interest amount = 1,249,258.62.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:35pm On Aug 15, 2015
1,936,770

the answer is based on the assumption that the interest is calculated at the end of the 12th month each year on the total money saved on the last day of the 12th month.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by bolamp(m): 10:37pm On Aug 15, 2015
The answer should be 501,785.11. Op should confirm.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by momove4real25(f): 10:38pm On Aug 15, 2015
Ekowise:
19292.57
FV=PV(1+r)^n
FV= 2000(1+0.12)^20
FV= 2000(1.12)^20
FV= 2000 x 9.646
FV= 19292. 57

Now where's the bank job?
Estate mgt. Nice one
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:38pm On Aug 15, 2015
57600+480,000=537,600........final answer abeg
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mfm04622: 10:39pm On Aug 15, 2015
Kennedyiheme:
I made a mistake, I didn't read d question well, the answer is 1,171,200

Still wrong. The question have been solved.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:39pm On Aug 15, 2015
N1,998,295.84
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Mercyadaobi: 10:42pm On Aug 15, 2015
537600
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:42pm On Aug 15, 2015
Mr Sunkoye kindly report here
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Philipschasis(m): 10:43pm On Aug 15, 2015
120( 2 x 6800 - 239x20)
120( 13600- 4780)
1058400
the answer is 1,058,400
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by narttis1: 10:43pm On Aug 15, 2015
Here's the solution.

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:43pm On Aug 15, 2015
mfm04622:

Still wrong. The question have been solved.
lol na u solve am?
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Chuksyno(m): 10:44pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).
N480,000 total deposit. N48,000 total interest. So in 20 years you are likely to realize N528,000. Though I wouldn't know whether your interest increases as your monthly deposit goes on.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by joelreg(m): 10:44pm On Aug 15, 2015
Here we go


Check d below file

Here is d answer 1,936,770.00

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:46pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).

looking @ dis question critically i have come to a conclusion that the answer depends on your contract with the bank..
1) "With an annual interest" which to me should be 12% of P accumulation within 1yr.
2) could be calculated monthly as well........all based on d context of the contract with d bank..




last bullet; so if na jamb be dis na so plenty dudes for come out dey fan dia self say dem don murder jamb including does were dey page zero were dish out likes to wrong answer like iyabasera... lessons learnt cool
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by richard870(m): 10:51pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).
@Op, the answer 4 a year =2880
All we need do is simply multiply dis by 20---2880(per year) x 20 (20 yrs) =57600 *shikena*
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by julius2825(m): 10:53pm On Aug 15, 2015
this is mine
2000 × 12 = 24000
12% of 24000 = 2400
investment + percentage
24000 + 2400 = 26400
26400 × 20years = 528,000
for 20years your money is 528,000.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by justmenoni: 10:55pm On Aug 15, 2015
God bless you..Op for instance in the first year your balance would be 2000 x 12 and dats 24000 and 12% interest will bring the total for the first year to 26880 and for the second year you will get 26880 plus 24000 dats 50880 and 12%of dat will bring it to 56985....so u will add it like dat till it's 20 years but op wait ooo do u actually think all nairalanders are jobless like some ppl dat dere username ends with rt Or F?

quote author=benedima1990 post=36978392]Go study your compound interest formular well

Those mathematicians above me

It's not interest at the end of 20 years oooo

But each year.

So for every year, 12% of the amount saved will be added to the principal. Thereby moving the total forward to the next financial year *


I love mathematics [/quote]
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by swimcash(m): 10:58pm On Aug 15, 2015
1632000
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by YellowBastard: 10:58pm On Aug 15, 2015
walexy30:
I save N2000 every month in a bank with an annual interest rate of 12% for 20 years while still working. How much will i receive at the end of the period (20 years).

Warren Buffet likes this; this is not a straight maths, it is the application of maths.

Banks pay interests on monthly basis. Thus, after month 1, the accrued balanced will be N2,020 and after month 2 it will be N4,060.20 and month 3 = N6,120.80 and so on and so forth.

The total accrued money after a 240-month contribution is N1,998,295.84
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 10:59pm On Aug 15, 2015
tunergy:



Your analogies were good, but you forgot to add the subsequent years deposit of 24k,
Therefore Y02 should be 26,880+24,000 (then you calculate the interest for Y02) and so on and so forth.
The slot is till open, you can make it.
Try Again

YEAR 01:
24000 X 0.12 = 2880
2880 + 24000 = N26,880.00

YEAR 02:
(26880 + 24000) X 0.12 = 6105.6
6105.6 + 26880 + 24000 = N56,985.6

YEAR 03:
(56985.6 + 24000) X 0.12 = 9718.3
9718.3 + 56985.6 + 24000 = N90,703.9

YEAR 04:
(90703.9 + 24000) X 0.12 = 13764.5
13764.5 + 90703.9 + 24000 = N128,468.4

YEAR 05:
N170,764.6

YEAR 06:
N218,136.4

....
....
....

YEAR 19:
(1498619.8 + 24000) X 0.12 = 182714.4
182714.4 + 1498619.8 + 24000 = N1,705,334.2

YEAR 20: (FINAL YEAR)
(1705334.2 + 24000) X 0.12 = 207520.1
207520.1 + 1705334.2 + 24000 = N1,936,854.3

Total Amount (Deposit + Interest) = N1,936,854.3

HOPE CBN HIRES ME
Whatsapp/Call 08028178405
seighapaul1@yahoo.co.uk
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by uracocksucker: 10:59pm On Aug 15, 2015
261,421.29 monthly deposits suggest monthly compounded interest
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by yusufu16: 11:00pm On Aug 15, 2015
I hope CEO of GTBank is reading this thread and already decided his next worker
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Weah96: 11:03pm On Aug 15, 2015
justmenoni:
God bless you..Op for instance in the first year your balance would be 2000 x 12 and dats 24000 and 12% interest will bring the total for the first year to 26880 and for the second year you will get 26880 plus 24000 dats 50880 and 12%of dat will bring it to 56985....so u will add it like dat till it's 20 years but op wait ooo do u actually think all nairalanders are jobless like some ppl dat dere username ends with rt Or F?

quote author=benedima1990 post=36978392]Go study your compound interest formular well

Those mathematicians above me

It's not interest at the end of 20 years oooo

But each year.

So for every year, 12% of the amount saved will be added to the principal. Thereby moving the total forward to the next financial year *


I love mathematics

Correct. The steps are correct. But it's for those with the patience.

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