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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (63761 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 2:13am On Aug 16, 2015 |
GentleToks: search for my post and go through the solution. I don't talk muck nor insult, I only wish to share knowledge. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by missionmex(m): 2:23am On Aug 16, 2015 |
The interest for the first year must definately be diff from that of the second year the second year diff from the third year......etc Year 1 24000*12% = 2880 Year2. 24000 + 24000 + 2880 =50880*12% =6105.6 Year. 3 24000+50880+6105.6=80985.6*12%=9718.272 If u follow this method then u will arrive at 1960769.9 in year 20. E long o but e sure pass. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 2:24am On Aug 16, 2015 |
inze: I think you got your solution wrong from line 2. After getting 26,880 at the end of the first year, the new principal for computing interest for year2 is 26,880 + 24000 (second year savings) = # 50,880. now interest for year 2 = 50880 x 0.12 = 6105.6. At the end of year 3, the New Principal = (year 1 principal) + (year 2 principal) + (year 3 principal) + (Interest from year 2) = 24000 + 24000 + 24000 + 6105.6 = 78105.6. and on and on like that. As a mathematics student, I computed an analytical equation for this 'progressive compound interest' problem thus. Amt=yp*(n+((n-1)*x)+((n-2)*x^2)+((n-3)*x^3)+((n-4)*x^4)+((n-5)*x^5)+((n-6)*x^6)+((n-7)*x^7)+((n-cool*x^cool+((n-9)*x^9)+((n-10)*x^10)+((n-11)*x^11)+((n-12)*x^12)+((n-13)*x^13)+((n-14)*x^14)+((n-15)*x^15)+((n-16)*x^16)+((n-17)*x^17)+((n-18)*x^18)+((n-19)*x^19)) yp = yearly savings/principal = #24000, n = number of years = 20, x = interest rate per annum = 12% = 0.12, Amt = Amount at the end of 20 years Amt = # 541,700. OR Amt = 24000 * [20 + 19(0.12) + 18(0.12)^2 + 17(0.12)^3 + 16(0.12)^4 + 15(0.12)^5 +14(0.12)^6 + 13(0.12)^7 + 12(0.12)^8 + 11(0.12)^9 + 10(0.12)^10 + 9(0.12)^11 + 8(0.12)^12 + 7(0.12)^13 + 6(0.12)^14 + 5(0.12)^15 + 4(0.12)^16 + 3(0.12)^17 + 2(0.12)^18 + (0.12)^19] Amt = # 541,700. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by amor001: 2:24am On Aug 16, 2015 |
hmmm... ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 2:33am On Aug 16, 2015 |
[quote author=DATBOI post=N1,771,984.672[/quote]
check dis answer up |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 2:36am On Aug 16, 2015 |
pls look up dis answer N1,771,984.672pls look up dis answer N1,771,984.672pls look up dis answer N1,771,984.672 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 2:38am On Aug 16, 2015 |
DATBOI:am i correct |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by missionmex(m): 2:40am On Aug 16, 2015 |
This is the surest answer 1, 729,258.8 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 3:18am On Aug 16, 2015 |
DATBOI:no. The answer is # 541,700. SOLUTION: 1) This is a complex form of a Compound Interest question. (Reason: You need to keep on adding the monthly savings he makes per month.) The mistake from many is to assume a one-time principal. For clarity, at the end of the first year, the Principal = #2000 x 12 = #24000. 12% interest on this gives 24000 x 0.12 = 2880. At the end of the 2nd year, the New Principal = (Principal of year 1) + (Savings/principal of year 2) + Interest from year 1 = 24000 +24000 +2880 = 50880. Interest from year 2 = 50880 x 0.12 = 6105.6. At the end of year 3, the New Principal = (year 1 principal) + (year 2 principal) + (year 3 principal) + (Interest from year 2) = 24000 + 24000 + 24000 + 6105.6 = 78105.6. and on and on like that. As a mathematics student, I computed an analytical equation for this 'progressive compound interest' problem thus. Amt=yp*(n+((n-1)*x)+((n-2)*x^2)+((n-3)*x^3)+((n-4)*x^4)+((n-5)*x^5)+((n-6)*x^6)+((n-7)*x^7)+((n-cool*x^cool+((n-9)*x^9)+((n-10)*x^10)+((n-11)*x^11)+((n-12)*x^12)+((n-13)*x^13)+((n-14)*x^14)+((n-15)*x^15)+((n-16)*x^16)+((n-17)*x^17)+((n-18)*x^18)+((n-19)*x^19)) yp = yearly savings/principal = #24000, n = number of years = 20, x = interest rate per annum = 12% = 0.12, Amt = Amount at the end of 20 years Amt = # 541,700. OR Amt = 24000 * [20 + 19(0.12) + 18(0.12)^2 + 17(0.12)^3 + 16(0.12)^4 + 15(0.12)^5 +14(0.12)^6 + 13(0.12)^7 + 12(0.12)^8 + 11(0.12)^9 + 10(0.12)^10 + 9(0.12)^11 + 8(0.12)^12 + 7(0.12)^13 + 6(0.12)^14 + 5(0.12)^15 + 4(0.12)^16 + 3(0.12)^17 + 2(0.12)^18 + (0.12)^19] Amt = # 541,700. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by rosebowl01(m): 3:35am On Aug 16, 2015 |
walexy30: Walexy, I think your calculation is flawed. Bringing down to a month is correct, but the effective monthly rate is 1.0046% not 1%. 1% of the nominal monthly rate. So Pymt is -N2,000, Interest is 1.0046, # of compounding is 240, therefore future value is 1,993,284.33. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by rufonye: 4:43am On Aug 16, 2015 |
P=d(((1+r/k)^Nk)-1)/(r/k). P=balance after N years, k= number of compounding period, r=annual interest rate and d= regular deposit each period. Substituting those values will give us P=N1,978,510.730 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chidifyn(f): 4:57am On Aug 16, 2015 |
Oya op giv us d ans, we all v tried. 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 5:11am On Aug 16, 2015 |
itopicman: Someone's dad needs a refund |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Joshmon(m): 5:21am On Aug 16, 2015 |
12423.393 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Emmabrams(m): 5:25am On Aug 16, 2015 |
please can someone borrow me his/her CALCULATOR cos am using SCIENTIFIC CALCULATOR. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by prinzayf(m): 6:05am On Aug 16, 2015 |
ubecharles:12% divided by 12 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by bizzle2: 6:22am On Aug 16, 2015 |
Lol, I tell you, And he's so confident... "as a mathematics student"..."I love mathematics", Empty vessels really are the loudest OKeokpa: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by bizzle2: 6:28am On Aug 16, 2015 |
your are so confident in your failure, cumulated annual income/savings aloneeee!!! for the 20 year period is already 480,000....go figure GentleToks: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Alcheringa(m): 6:35am On Aug 16, 2015 |
mfm04622: chigoizie7: Alcheringa: I corrected it long ago. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 6:38am On Aug 16, 2015 |
walexy30: There are loopholes in this question: 1. What's the fixed deposit tenure (roll over)-is it monthly, quarterly, bi-annual or yearly? Eg . I fixed my money for about two years but it was on a 180day cycle. 2. Is the interest compounded at rollover cycles ? In my own case, it was compounded, interest was added to principal and rolled over for the next 180 days. You can elect not to rollover interest. These things happen automatically, even if you fix for 50yrs, it's always in cycles. These are needed to answer your question . |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by iamtheconjee(m): 6:40am On Aug 16, 2015 |
2,000,295.1 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by nehimartins(m): 6:53am On Aug 16, 2015 |
691200 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by fabuloz1(m): 6:53am On Aug 16, 2015 |
One year=12months. Therefore, 2000*12=24000. For 20yrs, 24000*20=480000. Annual interest=24000*12*1/100=2880 20years interest=2880*20=57600 Total money he will receive at the end of the period =480000+57600=#537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by anyicash(m): 6:59am On Aug 16, 2015 |
537,600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Jalinco: 7:06am On Aug 16, 2015 |
You have not told us where you got this money from? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by monex(m): 7:06am On Aug 16, 2015 |
Drahl: i think the interest is re-capitalised monthly. buit he should say so. if not then i dont see why ur answer is not correct |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by hemjaydss: 7:06am On Aug 16, 2015 |
Answer is 537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by jamace(m): 7:31am On Aug 16, 2015 |
N2,000,296 (I just used the online calculator for compound interest) ![]() |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by smada13(m): 7:32am On Aug 16, 2015 |
is this not amortization?! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 7:38am On Aug 16, 2015 |
1729258 if compounding is yearly 1978510 if compounding is monthly |
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