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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64175 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:03pm On Aug 15, 2015 |
xblx: You calculated for 241 months |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:03pm On Aug 15, 2015 |
tunergy: I already made it! Check above you! 231,510.272 more or less! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:05pm On Aug 15, 2015 |
haibe:this is really complicated, I solved again nd I'm sticking to my first answer which is 57600+480,000=537,000.....final answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by AdimGreat(f): 10:05pm On Aug 15, 2015 |
#1,936,769.653. It is compound interest. The principal changes every year hence interest will be calculated 20 times with the new principal. 1 Like
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:05pm On Aug 15, 2015 |
stlaibrowne: guy we share same school of thought... same thing is applicable even in loans.. !!! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by surveycash(m): 10:06pm On Aug 15, 2015 |
The $ is N
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Niwdog(m): 10:06pm On Aug 15, 2015 |
484,200 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adanny01(m): 10:06pm On Aug 15, 2015 |
TVTKOKO: I read all post, am the 1st to post exactly this same answer then you. I think this is the right one. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:08pm On Aug 15, 2015 |
"Annual interest of 12% each year for 20yrs, interest in one year is 2880, multiply that by 20yrs, gives you your answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 10:09pm On Aug 15, 2015 |
Kennedyiheme:lol.. okay let me solve using 240 months.. I will get back to u.. donw but answee doesn't make sense.. lol |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ritmove(m): 10:10pm On Aug 15, 2015 |
tunergy: How is the interest calculated? Is it annually, monthly or daily? You will be surprise that Some financial packages will do daily interest. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:10pm On Aug 15, 2015 |
adora4u1: Is this the interest alone or the total value for 20years, without interest, his money will be more than this in 20years. 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:10pm On Aug 15, 2015 |
mfm04622:you tht has a very good teacher, tell us your answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:12pm On Aug 15, 2015 |
haibe:u'll get the wrong answer if u use 240months because of the context of the question, it said anually for 20yrs, so u shld use 20 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by falar(m): 10:13pm On Aug 15, 2015 |
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by 19naia(m): 10:13pm On Aug 15, 2015 |
Complex unless you have the formula.It involves the compounding effect where each years intrest is added to the following years amount and that then increases the amount of interest paid the year after. This process contiunes every year in a compounding fashion to give a different but increasing total for each year. year twenty is likely "n" in the formula equation and that will also bring to term (n-1) as year 19. I see the complexity and cant recall the formula and dont care to take the time to calculate it year by year in 20 different steps. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:13pm On Aug 15, 2015 |
haibe:we got the same answer in my first question but we are both wrong because the compounding period is 12*20=240.so my dear you got the formulae right but the solution is wrong.insert240 into where you put 20 and you will get the right answer which is 1,081,860 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by falar(m): 10:14pm On Aug 15, 2015 |
THE ANSWER IS =N=464,678.15 PLS I NEED THE JOB ![]() ![]() ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:15pm On Aug 15, 2015 |
stlaibrowne: Please clarify, is your answer JUST the return on investment? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 10:16pm On Aug 15, 2015 |
futurewise11:u are right |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:17pm On Aug 15, 2015 |
AdimGreat: it can.be compound interest.since its a regarlar periodic deposit.this is annuity.compound interest a one lump sum deposit. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:17pm On Aug 15, 2015 |
FVA(r) = A [(1+k/m)^nm-1]÷k/m 2000[(1.01)^240-1]÷0.01 2000[10.8926-1]÷0.01 2000[9.8926]÷0.01 Answer = 1,978,520 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:17pm On Aug 15, 2015 |
haibe: thanks |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:17pm On Aug 15, 2015 |
tunergy: 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. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Ennovy(m): 10:18pm On Aug 15, 2015 |
#19,284 with fair approximations..... It's intrests compounded after 20 years |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adanny01(m): 10:19pm On Aug 15, 2015 |
falar: I dont think you can get that job. The saving of 2k a month for 20 yrs alone is 480. Si you are mist definitely wrong. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by may16: 10:21pm On Aug 15, 2015 |
1,171,200 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ZziClass1k(m): 10:21pm On Aug 15, 2015 |
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 1 Like
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:22pm On Aug 15, 2015 |
walexy30:FVA(r) = A [(1+k/m)^nm-1]÷k/m 2000[(1.01)^240-1]÷0.01 2000[10.8926-1]÷0.01 2000[9.8926]÷0.01 Answer = 1,978,520 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ogene70: 10:22pm On Aug 15, 2015 |
FriedPlantain: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:24pm On Aug 15, 2015 |
seighapaul: bros 240 *2000alone is =480,000. you try sha |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:25pm On Aug 15, 2015 |
[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).] adora4u1: That's a new twist, so the deposit was for a year only? Read The question above again. |
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