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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64301 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xynerise: 9:21pm On Aug 15, 2015 |
I have solved it on a paper. My final answer is 19,293 or 21,785 I will show working soon |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Weah96: 9:21pm On Aug 15, 2015 |
N24000 @12% for 20yrs is [size=20pt]N231511[/size] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by bankyman(m): 9:21pm On Aug 15, 2015 |
7,791.95 this is the answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by narttis1: 9:22pm On Aug 15, 2015 |
1,822,422.45 this is a pre - basic financial mathematics question. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Weah96: 9:23pm On Aug 15, 2015 |
xynerise: It's N2000 a month NOT YEARLY. Use N24000 as the initial principal. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xynerise: 9:24pm On Aug 15, 2015 |
Weah96:Then 21,785 is the answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Heisalive: 9:25pm On Aug 15, 2015 |
To start with, let us calculate the savings savings/month = N2000 Interest/year = 12% Period = 20 years savings = N2000 X 12 months X 20years = N480,000.00 Interest for the. period = N2000. X 0.12 X (239 + 238 + 237 + 236 + .......... + 3 + 2 + 1) รท 12 = N573,600.00 Total savings = savings + Interest = N480,000.00 + N573,600.00 = N1,053,600.00 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chax100(f): 9:25pm On Aug 15, 2015 |
Mathematics disgracing students since 1800. N1,936,769.65 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mfm04622: 9:25pm On Aug 15, 2015 |
stlaibrowne: Why you dey disgrace us like this? The formula used is correct |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by UlqU3(m): 9:26pm On Aug 15, 2015 |
If the interest is compounded yearly, ans is N19,292.586. Final answer. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by TVTKOKO(m): 9:27pm On Aug 15, 2015 |
walexy30:lemme help y'all. 231511.0342(compound interest)+480000(overall savings)= 711,511.03 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Weah96: 9:27pm On Aug 15, 2015 |
xynerise: Bro, after putting in 24000 the first year? Then they owe you change, forget the interest business. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tushwolz(m): 9:29pm On Aug 15, 2015 |
tushwolz: U didn't respond to my solution anyways me know I am right all dsame walexy30 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:30pm On Aug 15, 2015 |
A future value of annuitu formular will solve this.. Made a mistake using the lump sum formular. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Dani4tech(m): 9:30pm On Aug 15, 2015 |
Ans : 484,800 walexy30 ...?? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:31pm On Aug 15, 2015 |
haibe:I actually read the question again,and figured out I made a mistake.........he saves 2000 each month which is 24000 per year, 12% of 24000 is 2880.....the problem is people will multiply the 2880x20yrs instead of 240months, the answer is 691200+480,000=1,171,200........wht did u get? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by harristo(m): 9:33pm On Aug 15, 2015 |
Kennedyiheme: you almost got it but, you failed to add the interest for the interest the bank adds every month. if the total amount of interest he will get for his savings at the end of the 20yrs according to your calculation is 57600, then the total amount of interest for his interest would be 12% of 57600, which is 6912. Then you add the total amount of saving for the 20yrs which is 480,000 to the total amount of interest for the saving in 20 yrs which is 57600 and the total amount of interest for the interest in 20 yrs which is 6912 480,000+57600+6912=544512 544512 should be the amount if |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kayzat: 9:35pm On Aug 15, 2015 |
walexy30: Edit ur op to post the correct answer with the calculations joor. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:36pm On Aug 15, 2015 |
harristo:u don't multiply the interest as 20 instead u multiply it by 240months, thts hw acct works |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Xmyno(m): 9:36pm On Aug 15, 2015 |
you are a poor man |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ToyinDipo(m): 9:38pm On Aug 15, 2015 |
After reading, what first came to my mind was for(i=0; i<20 i++)....#programmersmind |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mfm04622: 9:38pm On Aug 15, 2015 |
Kennedyiheme:Why did you disgrace your teacher and school like this? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 9:39pm On Aug 15, 2015 |
My Compound Calculation Y01: 24,000 (12000 x 12) X 0.12 = 2880 Y02: 26,880 (24k + 2880) X 0.12 = 3225.6 Y03: 30,105.6 (26880 + 3225.6) X 0.12 = 3612.7 Y04: 33,718.3 (30105.6 + 3612.7) X 0.12 = 4046.2 ... ... ... ... Y18: 164,784.5 (147129 + 17655.5) X 0.12 = 19774.1 Y19: 184,558.6 (164784.5 + 19774.1) X 0.12 = 22147 Y20: 206,705.6 (184558.6 + 22147) End Total Amount (Deposit + Interest) = N206,705.6 HOPE CBN HIRES ME Whatsapp/Call 08028178405 seighapaul1@yahoo.co.uk 2 Likes |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by macdelene(m): 9:40pm On Aug 15, 2015 |
N5945.21 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by musb92yahooco: 9:40pm On Aug 15, 2015 |
Dis the answer for sure #1216180 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by queenex(f): 9:41pm On Aug 15, 2015 |
537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by loadux(f): 9:41pm On Aug 15, 2015 |
the total will be 1,936,769.25
saving 2000 mthly =24,000yrly
interest rate of 12%(2880)=26,880 after the first year
adding this to the yrly savings of 24,000
and deriving the 12% interest yrly will give a total of
1,936,769.65 after 20yrs |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by loadux(f): 9:42pm On Aug 15, 2015 |
the total will be 1,936,769.25 saving 2000 mthly =24,000yrly interest rate of 12%(2880)=26,880 after the first year adding this to the yrly savings of 24,000 and deriving the 12% interest yrly will give a total of 1,936,769.65 after 20yrs |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 9:42pm On Aug 15, 2015 |
since the interest is conpounded annually and the deposit is 2000. yearly. 2000(1.12)*20-1 divided by 0.12 =144,104.88 Remember we start getting interest after the first year of the investment. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xynerise: 9:42pm On Aug 15, 2015 |
Kennedyiheme:Interest is annually not monthly |
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