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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (63945 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kemmy210(f): 11:07pm On Aug 15, 2015 |
#484,800. 100% sure |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 11:09pm On Aug 15, 2015 |
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 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by hyelhira: 11:10pm On Aug 15, 2015 |
1,978,510.73 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by bizzle2: 11:10pm On Aug 15, 2015 |
Correct approach, if your arihtmetic is correct then the answer is. Most people arent factoring the 24k annual income, which must be added to the amount (interest+principal) from the previous year before the interest for the year in question is computed In other words, for every year after the first, your principal for the computation of interest for that year = (amount from previous year)+(annual income) By the way , there's a little misrepresentation, check your post... what you're indicating as the interest (I) is in fact the amount AdimGreat: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by fadeyiolowo: 11:10pm On Aug 15, 2015 |
The correct answer in #1,936,769.71 1 Share
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by temidayodamoye(m): 11:11pm On Aug 15, 2015 |
MyFlair:.....like seriously, I tot it's only in my school dat dey treat petroleum students like dat o,Attimes I always wonder what some of d courses m taking gotta do some of my courses...God dey sha |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:16pm On Aug 15, 2015 |
Hw much u will save is 480000, |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 11:20pm On Aug 15, 2015 |
1,936,766.8 more or less if you are not particular about fractions. If I'm correct then I'll give the break down but not tonight! I'm off to bed! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Franchise21(m): 11:20pm On Aug 15, 2015 |
walexy30:Annuity |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:21pm On Aug 15, 2015 |
Remember the question asked is how much you will save so it's 480000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by biodunid: 11:36pm On Aug 15, 2015 |
Are you suggesting you didn't do this in primary school? Standards have truly fallen. ![]() ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by eby35(m): 11:36pm On Aug 15, 2015 |
Wrong note, he save 2000 every month. Therefore his yearly savings is #24000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Addietunes(m): 11:37pm On Aug 15, 2015 |
4,848000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by eby35(m): 11:40pm On Aug 15, 2015 |
Save 2000 per month therefore, 24000 per year Using compound interest formuar fv=24000(1+0.12)^20 =#231511.03 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by eby35(m): 11:43pm On Aug 15, 2015 |
seighapaul: wrong: check this Save 2000 per month therefore, 24000 per year Using compound interest formuar fv=24000(1+0.12)^20 =#231511.03 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:45pm On Aug 15, 2015 |
ojmaroni247: You could write a simple C/C++ code to do it for you! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by eby35(m): 11:46pm On Aug 15, 2015 |
Kemmy210: what of this dear Save 2000 per month therefore, 24000 per year Using compound interest formuar fv=24000(1+0.12)^20 =#231511.03 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 11:46pm On Aug 15, 2015 |
You are all Olodos Here we go: Interest is calculated on his saving per annum and he was saving #2000 every month. #2000 ×12 months = #24,000(12% interest pa) This ll give you #2,880 (first year interest) 2nd yr saving is #48,000(12% interest pa)= #5,760 3rd year saving is #72,000(12% interest rate pa)=#8,640 All d way to 20yrs Then multiply this #2,880 interest of the first year with total years of interest which is 20yrs and what you would get is #57,600 as interest for 20yrs. Then add the 20yrs total interest to all his saving over that period that is interest receivables + total savings( #57,600 + 480,000=537,600). Receivables is #537,600. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kemmy210(f): 11:49pm On Aug 15, 2015 |
eby35: No matter what,u mustn't have less than #480,000 which is the main money saved apart from the interest so we shd watch the formula we use. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 11:55pm On Aug 15, 2015 |
eby35: Na so u fail mathematics with flying colors THE LOGICAL SOLUTION 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 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Hotguy27: 11:59pm On Aug 15, 2015 |
I may not know maths that much but I know MS Workbook.
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Moderation: 12:02am On Aug 16, 2015 |
1,978,510 and 1,998,295.10
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by shrink007: 12:03am On Aug 16, 2015 |
You get a total of 1,936,769.71 at the end of 20 years. I know i'm correct 1 Like
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 12:03am On Aug 16, 2015 |
Chartered Accountant has answered the question on behalf of all Nairaland. The answer is #537,600. It's quite straight forward. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 12:04am On Aug 16, 2015 |
shrink007: Olodo oshi No be only 1.9million, na #9 billion...... You no dey shame |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 12:04am On Aug 16, 2015 |
1936769.653
I rest my case |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Moderation: 12:06am On Aug 16, 2015 |
1,978,510 and 1,998,295.10 See the workings below
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kingguu(m): 12:12am On Aug 16, 2015 |
At the end of the 20th year he will receive 19292.5861 approx..... ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DesChyko: 12:16am On Aug 16, 2015 |
Basically, the first #2000 at 12% per annum for 20 years will give you an interest of #4,800. As the month goes by, the interest will be reducing by #20 each month for each new #2000 payment. Therefore, the last #2000 will give an interest of #20 since it will spend just a month before the 20 years becomes complete. Using the formula for sum of a sequence with a (first interest)=4,800 and l (last interest) = 20, Sn(total interest) = n/2 (a + l), n= 240 months in 20 years. = 240/2 (4800 + 20) = 120(4820) =#578400 You'll get a total cash of #1,058,400 comprising of; Interest= #578,400 and Your Principal = #2000 * 240 months = #480,000. Cc: Walexy |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by justmenoni: 12:21am On Aug 16, 2015 |
Thanks baba... quote author=Weah96 post=36999373] Correct. The steps are correct. But it's for those with the patience.[/quote] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by shrink007: 12:26am On Aug 16, 2015 |
GentleToks: so you swallow the accumulated interest during the years abi ? |
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