I have solved it on a paper.

My final answer is 19,293 or 21,785


I will show working soon

N24000 @12% for 20yrs is [size=20pt]N231511[/size]

7,791.95 this is the answer

1,822,422.45

this is a pre - basic financial mathematics question.

xynerise:
I have solved it on a paper.

My final answer is 19,293


I will show working soon

It's N2000 a month NOT YEARLY. Use N24000 as the initial principal.

Weah96:

It's N2000 a month NOT YEARLY. Use N24000 as the initial principal.

Then 21,785 is the answer

To start with, let us calculate the savings

savings/month = N2000
Interest/year = 12%
Period = 20 years

savings = N2000 X 12 months X 20years = N480,000.00

Interest for the. period =
N2000. X 0.12 X (239 + 238 + 237 + 236 + .......... + 3 + 2 + 1) ÷ 12 = N573,600.00


Total savings = savings + Interest = N480,000.00 + N573,600.00 = N1,053,600.00

Mathematics disgracing students since 1800. N1,936,769.65

stlaibrowne:
I don't agree with the calculations above and I strongly believe the op doesn't know the answer to the question he asked I was an engineering student not accounting nor commerce but yet I believe the formula used is not appropriate.
Reason : you have to acknowledge that the investor still contribute 2000 from his salary every year till the 20th year which means the interests and principals will vary every year as the year rises so it's not possible to use a constant value for the accurate return on investment.
I have done my calculations and the answer is
#161, 397.47086406. Final answer

Why you dey disgrace us like this? The formula used is correct

If the interest is compounded yearly, ans is N19,292.586. Final 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).

lemme help y'all.
231511.0342(compound interest)+480000(overall savings)= 711,511.03

xynerise:


Then 21,785 is the answer

Bro, after putting in 24000 the first year? Then they owe you change, forget the interest business.

tushwolz:


U will have (N1936769.60) one million nine hundred and thirty six thousand seven hundred and sixty nine naira sixty kobo

U didn't respond to my solution anyways me know I am right all dsame walexy30

A future value of annuitu formular will solve this.. Made a mistake using the lump sum formular.

Ans : 484,800
walexy30 ...??

haibe:
lol.. its mathematics of finance dude.. that doesn't mean u cant use the simple complicated methods u get in primary school. . But it is a question whereby we want to know the yield of our investment today in 20 years given a 12% interest rate.. you get this with a simple future value formula... lol;

I actually read the question again,and figured out I made a mistake.........he saves 2000 each month which is 24000 per year, 12% of 24000 is 2880.....the problem is people will multiply the 2880x20yrs instead of 240months, the answer is 691200+480,000=1,171,200........wht did u get?

Kennedyiheme:
mr man, he's correct, 2000 each month, that is 12*2000=24,000. For 20yrs 24,000x20=480,000, 12percent of 480,000 is 57600, so the total money the person wld receive for saving with the bank is 480,000+57600=537600

you almost got it but, you failed to add the interest for the interest the bank adds every month.

if the total amount of interest he will get for his savings at the end of the 20yrs according to your calculation is 57600, then the total amount of interest for his interest would be 12% of 57600, which is 6912.

Then you add the total amount of saving for the 20yrs which is 480,000 to the total amount of interest for the saving in 20 yrs which is 57600 and the total amount of interest for the interest in 20 yrs which is 6912
480,000+57600+6912=544512

544512 should be the amount if

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).

Edit ur op to post the correct answer with the calculations joor.

harristo:


you almost got it but, you failed to add the interest for the interest the bank adds every month.

if the total amount of interest he will get for his savings at the end of the 20yrs according to your calculation is 57600, then the total amount of interest for his interest would be 12% of 57600, which is 6912.

Then you add the total amount of saving for the 20yrs which is 480,000 to the total amount of interest for the saving in 20 yrs which is 57600 and the total amount of interest for the interest in 20 yrs which is 6912
480,000+57600+6912=544512

544512 should be the amount if

u don't multiply the interest as 20 instead u multiply it by 240months, thts hw acct works

you are a poor man

After reading, what first came to my mind was

for(i=0; i<20 i++)....

#programmersmind

Kennedyiheme:
I'm a buisness student, there's ntin mathematics of finance in that simple question....the anser is 57600

Why did you disgrace your teacher and school like this?

My Compound Calculation

Y01: 24,000 (12000 x 12) X 0.12 = 2880
Y02: 26,880 (24k + 2880) X 0.12 = 3225.6
Y03: 30,105.6 (26880 + 3225.6) X 0.12 = 3612.7
Y04: 33,718.3 (30105.6 + 3612.7) X 0.12 = 4046.2
...
...
...
...
Y18: 164,784.5 (147129 + 17655.5) X 0.12 = 19774.1
Y19: 184,558.6 (164784.5 + 19774.1) X 0.12 = 22147
Y20: 206,705.6 (184558.6 + 22147) End

Total Amount (Deposit + Interest) = N206,705.6

HOPE CBN HIRES ME
Whatsapp/Call 08028178405
seighapaul1@yahoo.co.uk

N5945.21

Dis the answer for sure #1216180

537600

the total will be 1,936,769.25 saving 2000 mthly =24,000yrly interest rate of 12%(2880)=26,880 after the first year adding this to the yrly savings of 24,000 and deriving the 12% interest yrly will give a total of 1,936,769.65 after 20yrs

the total will be 1,936,769.25


saving 2000 mthly =24,000yrly

interest rate of 12%(2880)=26,880 after the first year

adding this to the yrly savings of 24,000

and deriving the 12% interest yrly will give a total of
1,936,769.65 after 20yrs

since the interest is conpounded annually and the deposit is 2000. yearly. 2000(1.12)*20-1 divided by 0.12 =144,104.88

Remember we start getting interest after the first year of the investment.

Kennedyiheme:
u don't multiply the interest as 20 instead u multiply it by 240months, thts hw acct works

Interest is annually not monthly