DesChyko:


Hardly doesn't mean NEVER.
It's a sequence of some sort so completely eliminating the formular of sequences makes a mockery of the payments.
I used logic and sequence formula to attempt this and got a total of a little over 1 million.

infact maths formular has myb 1% effect on accounting, the formulars will jst end up givin u rubbish, without calculating, no sensible bank that tells u there rate of interest is 12% for 20yrs and still give u 1million interest, impossible, ap and gp no go see this one

mozeybee:



Hun. Thank you sir/ma. This is a really detailed solution.

Detailed, look again. Its wrong, the interest for each each is not taken into consideration in subsequent years

tunergy:


Won't the interest from Y01-Y19 attract interest too since it is still in his account.

You are Wrong

the question said 12percent interest on the money at the end of 20yrs simple, calculatin interest frm yr1-19 will give u wrong figures,.....he is so correct

Thavybe:
I dey tell you.

yea, so wen will d Nysc list be out nw 4 awaiting grad?

walexy30:
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).

422,400 after 20yr

Kennedyiheme:
the question said 12percent interest on the money at the end of 20yrs simple, calculatin interest frm yr1-19 will give u wrong figures,.....he is so correct

Invariably you are insinuating that at the end of 20 years after a total deposit of 480,000 an interest of 12% will be applied i.e 57,600 to give 537,000?

Bros that is a heinous financial crime.

Pls eschew such.

visit http://www.passcbt.cf for free post utme training unlimited questions to practice

Am still solving it.....

walexy30:
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).

The answer is N1,929,258.619

Use d below formulas
1... A/r(1+r)>c where A stands for Investments evry yr while c stands for the no. Of years n r is d rate

2.... (Pa + P/r)(1+r)>c-P/r

walexy30:
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).

1,730,063.30

That's the answer right?

0.12 * 2000 = 240 240 plus 2000= 2,240 2,240*12month=26, 880 26, 880*20yrs = 537, 600. Final answer

walexy30:

wrong!

Very wrong

#1,839714.71

If the interest is compounded yearly and added at the end of each year.


Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 $24,000.00 $1,533.00 $24,000.00 $1,533.00 $25,533.00
2 $24,000.00 $4,596.96 $48,000.00 $6,129.95 $54,129.95
3 $24,000.00 $8,028.59 $72,000.00 $14,158.54 $86,158.54
4 $24,000.00 $11,872.02 $96,000.00 $26,030.56 $122,030.56
5 $24,000.00 $16,176.66 $120,000.00 $42,207.23 $162,207.23
6 $24,000.00 $20,997.86 $144,000.00 $63,205.09 $207,205.09
7 $24,000.00 $26,397.61 $168,000.00 $89,602.69 $257,602.69
8 $24,000.00 $32,445.32 $192,000.00 $122,048.01 $314,048.01
9 $24,000.00 $39,218.76 $216,000.00 $161,266.77 $377,266.77
10 $24,000.00 $46,805.01 $240,000.00 $208,071.78 $448,071.78
11 $24,000.00 $55,301.61 $264,000.00 $263,373.39 $527,373.39
12 $24,000.00 $64,817.80 $288,000.00 $328,191.19 $616,191.19
13 $24,000.00 $75,475.94 $312,000.00 $403,667.13 $715,667.13
14 $24,000.00 $87,413.05 $336,000.00 $491,080.18 $827,080.18
15 $24,000.00 $100,782.62 $360,000.00 $591,862.80 $951,862.80
16 $24,000.00 $115,756.53 $384,000.00 $707,619.33 $1,091,619.33
17 $24,000.00 $132,527.32 $408,000.00 $840,146.65 $1,248,146.65
18 $24,000.00 $151,310.59 $432,000.00 $991,457.24 $1,423,457.24
19 $24,000.00 $172,347.86 $456,000.00 $1,163,805.10 $1,619,805.10
20 $24,000.00 $195,909.61 $480,000.00 $1,359,714.71 $1,839,714.71

Regular Deposit Calculation Base amount: $0.00
Interest Rate: 12%
Effective Annual Rate: 12%
Calculation period: 20 years

walexy30:
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).

333333.333

You didn't specify if your interest rate is on simple ir compound interest.

2,168,280.69?

A=p(1+r/m)nm

Where A =total amt
P= principal (2000)
R= rate (0.12)
M= number of times d money is deposited in a year which is monthly (12)
N= total number of years (20)


Note that (1+r) is raised to power 'nm'

5,376,000 answer

12/100*2000= #240 interest on the money per month is #240 240*12= #2880 interest per year for 20 years the interest is #2880*20=#57600 so at the end of 20 years the interest is #57600 Total amount is the capital + interest = 2000+57600=#59600 the total is #59600 after 20 years

This is ordinary annuity whereby you make equal deposit every year compounded by 12%. wc means compounded principal fr d 1st yr is added to the next year's deposit and continue like dt till d end of the 20th yr.so based on my calculation the final amount is
#1,729,258.61865

walexy30:
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).

N161,410.9

Kennedyiheme:
lol na u solve am?

By the time I came to the thread, it has been solved. So no need to do it again.

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walexy30:
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).

Very simple. Just used dis

mfm04622:

By the time I came to the thread, it has been solved. So no need to do it again.

lol nd you blive my answer is wrong? Shame on the teacher tht thought you too

olivephyssiyor:


Very simple. Just used dis

this formular will never work on that question

Hence interest rate remains fixed for the 20yrs, The maturity will be 44,800. That is what he will receive...

walexy:
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).

4630220.68076767,I hope this is the answer!