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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64399 Views)
Who Can Solve This? / Food Production: FG To Employ 100,000 Graduates / What Is The Answer To This Maths Question That Has Gone Viral??? (2) (3) (4)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ayeniblessing(m): 8:42pm On Aug 15, 2015 |
Mathematics and I will never be friends......... I don't know anything in mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Mackson01: 8:44pm On Aug 15, 2015 |
Amount at maturity=# 1,860,953.02 Total deposit=# 482000 Total interest=# 1,378,953.02 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by wynaskawai: 8:45pm On Aug 15, 2015 |
537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ab1x: 8:45pm On Aug 15, 2015 |
It is close to 537,600 but the bank is still going to charge VAT as a standard procedure |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by dayodare49o: 8:46pm On Aug 15, 2015 |
walexy30:This is one of the cheapest business maths bros. NPV has to come to secondary scl level. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by hollypagan: 8:47pm On Aug 15, 2015 |
480000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Emilokoiyawon: 8:48pm On Aug 15, 2015 |
sureguy02: r = 0.01 NOT 0.1 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by butanep(m): 8:49pm On Aug 15, 2015 |
Mobi47:do you need the step... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by debbianah(f): 8:50pm On Aug 15, 2015 |
12 percent annual interest on ur savings of 2000 monthly. days 24,000 monthly. 12 percent of 24000 is 2880. so u shed get 2880 with of interest every year x 20 years is 57,600. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Rilwan20(m): 8:52pm On Aug 15, 2015 |
19292.5862 F = P(1+i)^20 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by eltonesworld(m): 8:52pm On Aug 15, 2015 |
1,936,769 approximate..whew hope am correct op 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:54pm On Aug 15, 2015 |
Use M = A X Y ( 12 ) divided 240 2 Likes 1 Share |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Pat4t5: 8:54pm On Aug 15, 2015 |
530400 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 8:54pm On Aug 15, 2015 |
walexy30:mr man, he's correct, 2000 each month, that is 12*2000=24,000. For 20yrs 24,000x20=480,000, 12percent of 480,000 is 57600, so the total money the person wld receive for saving with the bank is 480,000+57600=537600 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Lanretoye(m): 8:55pm On Aug 15, 2015 |
OP,i got 537600 as the answer...who will employ me? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mindworx: 8:55pm On Aug 15, 2015 |
walexy30: Thanks bro. I only came here to see how profitable it is. Tho 20 years is way too long for me. Haba, on top wetin. Abeg help me calculate my money after 2 years. Make it 100k savings. Thanks 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by lagbaja(m): 8:55pm On Aug 15, 2015 |
... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by nobosaba(m): 8:57pm On Aug 15, 2015 |
Years 1 = 2000 × 12 = 24000 + 12% interest rate which is 2400 that is = 26400 Year 2 Account balance is 26400, so + the 2000 × 12 which is 24000, now this is the trick, you + the balance of last year with this year which is 26400 + 24000 = 50400, now you add the 12% interest rate. The 12%interest rate of 50400 is = 5033.3 so we add both which is 50400 + 5033.3 = 55433.3 You do that continuesly to the 20years and you get the answer. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:59pm On Aug 15, 2015 |
dayodare49o: Solve it and let's see the answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by obstead200(m): 8:59pm On Aug 15, 2015 |
[size=14pt] I can solve d question but I won't bother Sha cos it won't add any value to me to do dat. But I can give other willing pple d necessary pointers. Ordinarily u can solve d question using simple annuity but then given that the deposit is done monthly, it becomes a bit more complex for those who do not fully grasp d concept of simple annuity. So, to solve d question in such a way that the layman will understand, simple model it in Microsoft excel. U shud get the answer in exactly 2 mins if u understand excel very well [/size] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 8:59pm On Aug 15, 2015 |
Lol.. future value.. Did this in mathematics of finance |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by josn(m): 9:00pm On Aug 15, 2015 |
7791.95198 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:01pm On Aug 15, 2015 |
nobosaba: Even if is 1,000 years, then it will take you a lifetime to get the answer. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:01pm On Aug 15, 2015 |
Kennedyiheme:lol its mathematics of finance. . There is a formular for future value: A (1+r)^n |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:02pm On Aug 15, 2015 |
obstead200: Solve it manually. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nuhusky: 9:03pm On Aug 15, 2015 |
N144,104.88 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:03pm On Aug 15, 2015 |
walexy30:Savings for a yr = 2000 * 12 = 24000 ; earnings for the yr 24000 * 0.12= 2880 + 24000 = 26,880 Total earnings = 26,880 * 12 = NGN322,660 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by UlqU3(m): 9:04pm On Aug 15, 2015 |
N1,748,551.20, assuming yearly compounding. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by welovethee(m): 9:04pm On Aug 15, 2015 |
walexy30: N528,456 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by josn(m): 9:05pm On Aug 15, 2015 |
192925.5862..... 100% sure... compounding the time value of money... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:05pm On Aug 15, 2015 |
eltonesworld:No! |
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