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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (64202 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by missionmex(m): 12:34pm On Aug 16, 2015 |
Alonzy100:got same answer but mine was point 8 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kops406: 1:40pm On Aug 16, 2015 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kops406: 1:43pm On Aug 16, 2015 |
[quote author=SarahD post=36994954]If you save 2000naira every month at 12% per year, you would have saved 24000 in the first year. Your interest for first year will be 2880naira and your money in will be 24000+2880= 26880. In the second year, you will save an extra 24000, add it to 26880 of last yeat and your principal will be 50880. 12% of 50880 is 6105,6naira, you will now have 50880+6105.6, which gives you 56985.6 naira at the end of the second year. In the third year, your principal will be 56985.6+another 24000 which is 80985.6naira. Then get 12% of that and you continue calculating it in that manner till you get to the 20th year. Bravo 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by jackpot(f): 1:54pm On Aug 16, 2015 |
benedima1990:It is not even pure compound interest because you have to be adding the savings continuously. Well, the amount to be carried forward to the next year includes the Old Principal+Interest+Savings. It's more of compounding an ''ENFORCED'' principal. 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by irenmwinfo(m): 1:59pm On Aug 16, 2015 |
This is pure Economics not Mathematics to calculate just use this formulae. FUTURE WORTH= PRESENT VALUE( 1+ INTEREST RATE ^Number OF YEARS) I.e FV= PV (1 + r^20 ) Fv ? Pv= #2000 r= 12% I.e 0.12 remember it's in % n= 20years Therefore, FV= 2000 (1+ 0.12^20) = 2000 ( 1.12^20) 2000 X 9.646293093 = #19,292.58619 Thank you all I think you are convinced now like if you love ❤ Economics + Mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by irenmwinfo(m): 2:01pm On Aug 16, 2015 |
jackpot: This is pure Economics not Mathematics to calculate just use this formulae. FUTURE WORTH= PRESENT VALUE( 1+ INTEREST RATE ^Number OF YEARS) I.e FV= PV (1 + r^20 ) Fv ? Pv= #2000 r= 12% I.e 0.12 remember it's in % n= 20years Therefore, FV= 2000 (1+ 0.12^20) = 2000 ( 1.12^20) 2000 X 9.646293093 = #19,292.58619 Thank you all I think you are convinced now like if you love ❤ Economics + Mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by irenmwinfo(m): 2:01pm On Aug 16, 2015 |
jackpot:This is pure Economics not Mathematics to calculate just use this formulae. FUTURE WORTH= PRESENT VALUE( 1+ INTEREST RATE ^Number OF YEARS) I.e FV= PV (1 + r^20 ) Fv ? Pv= #2000 r= 12% I.e 0.12 remember it's in % n= 20years Therefore, FV= 2000 (1+ 0.12^20) = 2000 ( 1.12^20) 2000 X 9.646293093 = #19,292.58619 Thank you all I think you are convinced now like if you love ❤ Economics + Mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by irenmwinfo(m): 2:02pm On Aug 16, 2015 |
walexy30:This is pure Economics not Mathematics to calculate just use this formulae. FUTURE WORTH= PRESENT VALUE( 1+ INTEREST RATE ^Number OF YEARS) I.e FV= PV (1 + r^20 ) Fv ? Pv= #2000 r= 12% I.e 0.12 remember it's in % n= 20years Therefore, FV= 2000 (1+ 0.12^20) = 2000 ( 1.12^20) 2000 X 9.646293093 = #19,292.58619 Thank you all I think you are convinced now like if you love ❤ Economics + Mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by irenmwinfo(m): 2:03pm On Aug 16, 2015 |
Alcheringa:This is pure Economics not Mathematics to calculate just use this formulae. FUTURE WORTH= PRESENT VALUE( 1+ INTEREST RATE ^Number OF YEARS) I.e FV= PV (1 + r^20 ) Fv ? Pv= #2000 r= 12% I.e 0.12 remember it's in % n= 20years Therefore, FV= 2000 (1+ 0.12^20) = 2000 ( 1.12^20) 2000 X 9.646293093 = #19,292.58619 Thank you all I think you are convinced now like if you love ❤ Economics + Mathematics |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by pretty1214(f): 2:04pm On Aug 16, 2015 |
u will recieve d sum of #231,507.54k at d end of 20yrs. correct answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mila1121(m): 2:11pm On Aug 16, 2015 |
240 months in 20years ,so he saves 2000# every month, some total money saved is 480000# so the intrest every month is 240 for 20year is 57600 so 537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 2:25pm On Aug 16, 2015 |
irenmwinfo:lol even without solving u'll knw its impossible for anybank to give you interest of 19million like u hve said, on a 480,000 deposit? , all tht formular won't work, ur answer is wrong |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 2:27pm On Aug 16, 2015 |
Op how can you post a question and it made front page and you have refused to tell us the answer? Tell us the answer abeg, or u don't knw it? 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ELEYINJUANU(m): 2:27pm On Aug 16, 2015 |
537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DesChyko: 2:31pm On Aug 16, 2015 |
Kennedyiheme:The interest alone is 578400 according to my calculation. Don't forget the 480,000 he has deposited already. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 2:36pm On Aug 16, 2015 |
DesChyko:the question says the man deposits 2000 naira monthly which is 24000, with an annual interest of 12%, meaning the interest fr year one wld be 12% of 24000= 2880, multiply by 20yrs=57600..........if every bank gives there customer 19million as the total interest of the money the deposit tht isn't up to a million, don't you think the bank will rundown? Logically its impossible for a bank to give u 19million because u deposited 480,000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by aluma(m): 3:06pm On Aug 16, 2015 |
537600 ans |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by LordReed(m): 3:22pm On Aug 16, 2015 |
. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DesChyko: 3:27pm On Aug 16, 2015 |
Kennedyiheme:You're forgetting that all the money didn't come in at once. His first 2,000 is the only cash that spent 20 years in the bank. His last 2000 spent only a month before he withdrew everything. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GlorianaCO(f): 3:43pm On Aug 16, 2015 |
The answer is 507.336 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DonWhest: 3:49pm On Aug 16, 2015 |
FV -> Future value ( after the period ) PV - Present value ( Total Money deposited ) CI-> Compond Interest d -> monthly deposit ( Principal for the CI ) i -> annual nominal interest rate t -> No. of years n -> No. of times per year Note that: nt -> [ n x t = 12 months x 20 years = 240 months is the period of investment] FV = PV + CI PV = d x nt = 2000 X 12 months X 20 years = 2,000 X 240 months = N480,000 CI ( Evaluated on the basis of monthly deposit ) = d ( 1 + i / n ) ^ nt = 2,000 ( 1 + 0.12 / 12 )^ ( 12 X 20 ) = 2,000 ( 1 + 0.01 )^240 = 2,000 ( 1.01)^240 = 2,000 X 10.89255365387 = N21,785.11 :. FV = N480,000 + N21,785.11 = N501,785.11 Don Whest ( 07046890175 - SMS Only ) |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Gorgeous4lyf(m): 3:50pm On Aug 16, 2015 |
The right ans is 1,616,219 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DonWhest: 4:10pm On Aug 16, 2015 |
GlorianaCO:You are Close but I think this isn't the answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DonWhest: 4:15pm On Aug 16, 2015 |
Kennedyiheme: There is formula for this. You only need apply it appropriately just as Don Whest have rightly done. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GlorianaCO(f): 4:19pm On Aug 16, 2015 |
I think that's the right anwer
|
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 4:19pm On Aug 16, 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 __________________________________________________ Pls anyone with proof of calculation that got a total return of ~ N1,930,000 - N1,980,000 is on the WINNING PATH. For others with funny, some unbelievable and absurd figures that defiles financial accounting, pls go back to school. PLS OP STOP THIS MARATHON CONTINUUM AND RELEASE UR RESULTS FOR ALL TO COMPARE. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DonWhest: 4:37pm On Aug 16, 2015 |
irenmwinfo: Your result can not be realistic. Mathematics Can't be ruled out. Even your so called Economic Analysis is Mathematics. If not the banks Won't be able to automate the computations with there Software. Note that all Computations Automated in Accounting, Economics, Commerce, marketing, insurance, etc are all accomplished using mathematical formula in a given Computer program. Check out Don Whest mathematical Analysis for the correct answer to the problem. Na Maths and Computer program be the answer oo o to all Accounting and Economic automated Computations. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by KLand(m): 4:58pm On Aug 16, 2015 |
THE ANSWER IS: N19,982,958.38 SEE THE CALCULATION HERE: http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php Year Year Deposits Year Interest Total Deposits Total Interest Balance 1 N240,000.00 N16,186.56 N240,000.00 N16,186.56 N256,186.56 2 N240,000.00 N48,677.43 N480,000.00 N64,863.99 N544,863.99 3 N240,000.00 N85,288.95 N720,000.00 N150,152.94 N870,152.94 4 N240,000.00 N126,543.73 N960,000.00 N276,696.68 N1,236,696.68 5 N240,000.00 N173,030.65 N1,200,000.00 N449,727.33 N1,649,727.33 6 N240,000.00 N225,413.28 N1,440,000.00 N675,140.61 N2,115,140.61 7 N240,000.00 N284,439.33 N1,680,000.00 N959,579.94 N2,639,579.94 8 N240,000.00 N350,951.37 N1,920,000.00 N1,310,531.31 N3,230,531.31 9 N240,000.00 N425,898.79 N2,160,000.00 N1,736,430.10 N3,896,430.10 10 N240,000.00 N510,351.43 N2,400,000.00 N2,246,781.53 N4,646,781.53 11 N240,000.00 N605,514.77 N2,640,000.00 N2,852,296.30 N5,492,296.30 12 N240,000.00 N712,747.20 N2,880,000.00 N3,565,043.50 N6,445,043.50 13 N240,000.00 N833,579.40 N3,120,000.00 N4,398,622.90 N7,518,622.90 14 N240,000.00 N969,736.14 N3,360,000.00 N5,368,359.03 N8,728,359.03 15 N240,000.00 N1,123,160.96 N3,600,000.00 N6,491,519.99 N10,091,519.99 16 N240,000.00 N1,296,043.89 N3,840,000.00 N7,787,563.88 N11,627,563.88 17 N240,000.00 N1,490,852.70 N4,080,000.00 N9,278,416.58 N13,358,416.58 18 N240,000.00 N1,710,368.15 N4,320,000.00 N10,988,784.72 N15,308,784.72 19 N240,000.00 N1,957,723.64 N4,560,000.00 N12,946,508.37 N17,506,508.37 20 N240,000.00 N2,236,450.01 N4,800,000.00 N15,182,958.38 N19,982,958.38 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 5:03pm On Aug 16, 2015 |
DesChyko:the question didn't say he withdrew anytin, the question is straight and simple. "How much interest will he get at the end of 20yrs for saving 2000 monthly, at 12%......no bank will give u 19million naira bccos u saved 480,000....it won't happen anywere in the world |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 5:06pm On Aug 16, 2015 |
DonWhest:the only formular is the accounting and economics way, those nonsense maths formular will put you in debts lol |
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