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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64111 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 Kennedyiheme: 10:25pm On Aug 15, 2015 |
adora4u1: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. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:27pm On Aug 15, 2015 |
ZziClass1k: 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: 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:Same here |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by misspatsy(f): 10:31pm On Aug 15, 2015 |
walexy30:484800 |
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: 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: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: 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.
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:43pm On Aug 15, 2015 |
mfm04622: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: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
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:46pm On Aug 15, 2015 |
walexy30: 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 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by richard870(m): 10:51pm On Aug 15, 2015 |
walexy30:@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: 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: 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: Correct. The steps are correct. But it's for those with the patience. 1 Like |
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