If You Can Solve This Maths, A Financial Institution Should Employ You. - Education - Nairaland
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| If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:14am On Aug 15, 2015 |
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). 7 Likes 6 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by majamajic(m): 10:14am On Aug 15, 2015 |
537600 meanwhile am dedicating this FTC to our fans ....... 3 shots, 2 goals and 6 points . 25 Likes 5 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by collele(m): 10:24am On Aug 15, 2015 |
537600 5 Likes 2 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Alcheringa(m): 10:30am On Aug 15, 2015 |
#2000*12months: #24000 per annum savings. #24,000*20yrs duration: #480,000 savings. Interest I: PRT/100 : 24000*12%*20yrs : #57,600. Thus, the total amount to be received at the end of the 20years period: #480,000 + #57,600 : Equal #537,600 108 Likes 10 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:33am On Aug 15, 2015 |
Alcheringa: wrong! 52 Likes 4 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Alcheringa(m): 10:36am On Aug 15, 2015 |
walexy30:Explain please |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:37am On Aug 15, 2015 |
Where are the social science/Mgt Science graduates? |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:40am On Aug 15, 2015 |
Alcheringa: This is not simple interest you learnt in JSS classes, this is maths of finance (applied) 11 Likes 1 Share |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Drahl(m): 10:45am On Aug 15, 2015 |
19292.58 4 Likes 2 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by benedima1990(m): 10:52am On Aug 15, 2015 |
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 168 Likes 6 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ojmaroni247(m): 10:53am On Aug 15, 2015 |
Dis calculation is on a long tin,uhave to calculate for each year and add de interest to de next year and keep calculating until u get to de 20th year.crzy men! 46 Likes 2 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Drahl(m): 10:54am On Aug 15, 2015 |
2315110.34 5 Likes 2 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:55am On Aug 15, 2015 |
benedima1990: Solve it and post your answer 14 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:56am On Aug 15, 2015 |
Drahl:wrong 2 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:57am On Aug 15, 2015 |
ojmaroni247: wrong 1 Like |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:58am On Aug 15, 2015 |
Drahl: wrong! 1 Like |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by idu1(m): 11:00am On Aug 15, 2015 |
537600 |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Drahl(m): 11:04am On Aug 15, 2015 |
Okkkk...2315110.34 3 Likes 1 Share |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Alcheringa(m): 11:06am On Aug 15, 2015 |
#606,672.76
Correct? 2 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:08am On Aug 15, 2015 |
Drahl: wrong 1 Like 1 Share |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:08am On Aug 15, 2015 |
This can only be done using annuity formular that involves synchronisation, since payments does not coincide with number of compounding. Still solving.. 12 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:08am On Aug 15, 2015 |
Alcheringa: wrong 2 Likes 1 Share |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by yomifola(m): 11:09am On Aug 15, 2015 |
U sef.. wrong Wrong calling person wrong Solve urs.. and u go knw say na u wrong pass 20 Likes 4 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:09am On Aug 15, 2015 |
Thavybe: hmm! 3 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:11am On Aug 15, 2015 |
yomifola: I solved before i created the thread 5 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Drahl(m): 11:13am On Aug 15, 2015 |
walexy30: I doubt it...this is simple annuity.. Annual savings-2000*12=24000 Then A=p(1+r/100)^n 24000(1.12)^20 231,511.034 22 Likes 3 Shares |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:15am On Aug 15, 2015 |
Drahl: Try again 5 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by prinzayf(m): 11:16am On Aug 15, 2015 |
144,104.88 1 Like |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:19am On Aug 15, 2015 |
Ur question underneath does not portray directly the corresponding solution required. Thought you should rather ask how much interest will you receive or better still signify if it were to be collected together with your gross savings at the end of 20years. Stop giving us headache!!! walexy30:Ur question underneath does not portray directly the corresponding solution required. Thought you should rather ask how much interest will you receive or better still signify if it were to be collected together with your gross savings at the end of 20years. Stop giving us headache!!! 4 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:31am On Aug 15, 2015 |
FatokiFemi48: Sorry about that! Both the principal and the interest will be received at the end of the tenor. But you cannot leave your money with the bank forever, you must have your money back someday. 2 Likes |
| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 11:35am On Aug 15, 2015 |
Walexy30, check my answer below N1, 998,295.84 Where A = monthly payment Where r= monthly interest Where n = number of years Where m = number of months Where rate per month = 12‰/12 months = 1% per month Assuming the monthly payments were made at the beginning of each month Fv =A(1+r)[(1+r)^n*m - 1] /r Fv = 2000 (1+ 0.01) [(1+0.01)^240 - 1]/ 0.01 = 2020 [(1.01^240) - 1]/0.01 =2020 * (989.255) =N1,998,295.84 Friedplantain 37 Likes 4 Shares
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| Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by shut(f): 11:38am On Aug 15, 2015 |
I'm sick in the stomach already  I hate math like M . A. D but love anything else  3 Likes |
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