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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64176 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:42pm On Aug 15, 2015 |
Kennedyiheme:answer is 144105 1 Like 1 Share
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:43pm On Aug 15, 2015 |
mfm04622:I made a mistake, I didn't read d question well, the answer is 1,171,200 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xynerise: 9:43pm On Aug 15, 2015 |
Weah96:Going by your opinion, the answer then is 261,421 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:44pm On Aug 15, 2015 |
haibe:I'm sorry I'm nt good in maths bt that formular might be correct bt its nt applicable to this question, myb it is, bt ur answer is wrong |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:45pm On Aug 15, 2015 |
youngsahito:Yeah, financial management. accountants rule o! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:46pm On Aug 15, 2015 |
Kennedyiheme:its correct... I can apply present value of annuity formula and it would give 2000.. thats to tell u its correct |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 9:47pm 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 Kennedyiheme: 9:47pm On Aug 15, 2015 |
haibe:think critically, "12% annualy for 20yrs....in a year he saves 24000, the interest on that for is 2880, multiply that by 240months, formulars don't work in accountin broda |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by sauceEEP(m): 9:48pm On Aug 15, 2015 |
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by loadux(f): 9:48pm On Aug 15, 2015 |
seighapaul: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seriousthing(m): 9:49pm On Aug 15, 2015 |
I am busy now for those that are interested here is the clue year 1 = #24000+12% of yr 1 = #26,880. year 2 = #26,880+#24000 = #50880+ 12% of #50880 =#6105.6 therefore yr 2 = #56985.6 year 3 = #56985.6 + #24000 =#80985.9 + 12% of #80985.9 therefore yr 3 = #90703.9 you can continue 2 Likes |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Physika(f): 9:49pm On Aug 15, 2015 |
What is going on here? You people should quit scribbling on paper, just enter the variables into a computer, lobatan. Btw, it is my money so quit calculating ![]() enikeni o mo bi omi shey wo inu agbon.. *meaning* nobody cn tell how bones begin to form in a foetus ![]() Are you confused about the parable up there? ![]() To know the meaning, ask ifa ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by histemple: 9:49pm On Aug 15, 2015 |
harristo: For you to get the correct answer, you must recognize and show the monthly progression for the 240 months in 20 yrs. This is because the principal + interest in the first month, added to the savings for the second month is automatically, the principal for the second month. This procedure continues until the last month of the 20th year. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by EKPETI(m): 9:50pm On Aug 15, 2015 |
This future value: Fv=P(1+r)^-n or p(1/(1+r^n) 24000(1+0.12)^-20 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:51pm On Aug 15, 2015 |
Kennedyiheme:finance. . Not accounting as such.. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Uwaomapaul(m): 9:51pm On Aug 15, 2015 |
your money is 520,000 in 20yrs 2000*12 = 24,000 12percent of 24,000 is 2000*240 which is 20yrs = 480000+ 40,00 interest of 12percent which is 520,000 in 20yrs |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by rufonye: 9:52pm On Aug 15, 2015 |
The answer is N484,824.24K. If he is given 12% every year that means 1% every month. In the 20 yrs, there are 240 months. Now he receives interest 1% at the end of the month of what ever he has at the begining of the months. Do this for 240 months. For instance, at the end of the first month, he had 2020, so beginning of second month he had 2020 +2000 =4020. That means that at end of the 2nd month, he will have 4020 x 0.01 +4020 = 4060.2 and so on. OP abeg if any better dey contact me o.... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by crackhouse(m): 9:52pm On Aug 15, 2015 |
537,600 naira |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ruggedtimi(m): 9:52pm On Aug 15, 2015 |
484,800k |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:53pm On Aug 15, 2015 |
xblx: Bros you no sabi use excel ni ![]() ![]() There is a function you can use directly. Just type =FV(0.01,240,2000) in any cell. Excel will return the answer as 1,978,510.73 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:55pm On Aug 15, 2015 |
haibe:whichever bro, its still the same line......in accounting. When you are to calculate interest or depreciation of an asset for 20yrs,in some cases u calculate it as 240months |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xxgig(m): 9:55pm On Aug 15, 2015 |
1,729259 naira. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:57pm On Aug 15, 2015 |
Kennedyiheme:well since the question is silent on compounding. . It is implied that compounding is done annually.. so forget the 240 months ish.. This is not accounting. . This is finance... And even in accounting when calculating depreciation; the useful life is usually in years.. for example straight line method of depreciation; as depreciable assets (PPE) usually last for more than a year |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:00pm On Aug 15, 2015 |
if its a monthly deposit then the calculation goes 2000. (1.12)*240-1/0.12=1,081.86 hint.this is a monthly investment for 20 years. and interest is generated upon interested starting from the. first month deposit. our objective is how much will be in the account after the 240th deposit. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:00pm On Aug 15, 2015 |
231,510.272 more or less if we are not particular about the fractions! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kehyndey(f): 10:00pm On Aug 15, 2015 |
walexy30:eh eh ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by may16: 10:00pm On Aug 15, 2015 |
691,200 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:00pm On Aug 15, 2015 |
1,978,000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:00pm On Aug 15, 2015 |
seighapaul: 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 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:01pm On Aug 15, 2015 |
walexy30:if u studied petroleum engineering then this wud be a cheap a number crunching for u. Pet engrng just makes one jack of all trades n wud require u to b master of all! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Adedayofemi: 10:02pm On Aug 15, 2015 |
The answer is 21785.12 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by harristo(m): 10:02pm On Aug 15, 2015 |
histemple: I totally don't know much about accounting, I was actually trying to use deductive reasoning to solve it. |
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