[size=24pt]The answer is N1,841,714.71. Am I right?[/size]

81600 after 20 years

[size=48pt]N484800[/size]

Cc: walexy30

Change the 20 years to 240 months and you arrive at your answer.

walexy30:


Bro, you came very close. May be calculation error somewhere.

[
Yes you re correct, this has to be treated as compound intrest. However this isnt even maths enough, differntials, integrations and iterations (the type we did in Engineering maths) is the real mwthematics



quote author=benedima1990 post=36978392]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 [/quote]

I no use any particular formula
just common sense


2000 * 12 (1 year)=24000

12% of 24000= 2880

so my interest 2880 + 24000=26880( for a year)
26880*20years=537600.

I drop my imaginary pen.


Ok now i understand what the op meant, it should be yearly

make i sekem comot joh.

Alcheringa:
#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

It should be compounded, use compound interest

Ecomaths students and accounting students make una come out ooo. I love maths.

22,400

2,020, 080.95

or 1, 998, 295.84 . Depending on when the first and second 2000 was deposited.

#80,640,000

806400

408333.333

19292.57 FV=PV(1+r)^n FV= 2000(1+0.12)^20 FV= 2000(1.12)^20 FV= 2000 x 9.646 FV= 19292. 57
Now where's the bank job?

N240

This is annuity. Unfortunately,I don't have the time to solve it now.

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).

Does the Bank run Simple interest or Compound interest.
For simple interest
480000 + 57600 = N537600

Wale wale wale!!!!!



How many times did I call u... ??




What is the answer? B4 I curse u









































































































































































.... Oya Abeg, tell me

This is my answer Fv = pv (1+r)^t Fv= future value of savings Pv= present value r= interest rate T= time or duration of savings
Pv= 24000 r= 0.12 T=20
Fv= 24000(1+0.12) ^20 Fv= 231511.0342 Future value of savings is N231511.0342

Ekowise:
19292.57 FV=PV(1+r)^n FV= 2000(1+0.12)^20 FV= 2000(1.12)^20 FV= 2000 x 9.646 FV= 19292. 57
Now where's the bank job?

Wrong. Check my post for the right answer

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).

N1,868,467.21

57600

alsudaes1:
#231,511.03

This is the correct answer

Wrong seriously

Drahl:



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

N57600

temidayodamoye:
........Haba! dnt say that again,I think it depends on the institution we all attend(ed),m an engineering student nd I solved d problem in less than 5mins I saw d qstn,tho thanks to my Engineering Economics lecturer cos I wud hv been clueless as well if I had nt taking that course last semester,so twas still kinda fresh...nice one @ op bt hv really seen Lotta funny comments here o...d fact that u claim to hate mathematics doesnt mean we shudnt have common sense(if anyone finds dat harsh,m so sorry)...some1 saved 2000 monthly for 20years, evn without any interest his payback shudnt be less than 480,000 bt pple still claim to be correct with deir answer less than 480k...if dis was an MCQ...u should first delete any option less than that amount bfor u solve....sowi, I had to quote u because u said engr students dsnt knw abt financial stuffs...datz nt always true.

I like that the machine in yo head is in perfect condition, keep up that feat! And keep the Engineering flag up!

the answer is this...
saves=2000
percentage=12%
year=20
solution
.2000×12(1year)=24000
.to find the percentage....12% so therefore 12% is 100÷12=8.3333.
2000×12=24000 per year then 24000×20year=480,000
then the saving at the end of 20year should be...480,000×8.3(percentage)=3,984,000

2,020,080.95

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.

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).

2000 x 12 = 24000

12% of 24000 = 2880/yr

N2880 x 20yrs = N57,600.

Hope say I get am.

walexy30:

I solved before i created the thread

Whaat was ur answer