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If You Can Solve This Maths, A Financial Institution Should Employ You. - Education (9) - Nairaland

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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:42pm On Aug 15, 2015
Kennedyiheme:
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?
answer is 144105

1 Like 1 Share

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:43pm On Aug 15, 2015
mfm04622:

Why did you disgrace your teacher and school like this?
I made a mistake, I didn't read d question well, the answer is 1,171,200
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xynerise: 9:43pm On Aug 15, 2015
Weah96:


Bro, after putting in 24000 the first year? Then they owe you change, forget the interest business.
Going by your opinion, the answer then is 261,421
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:44pm On Aug 15, 2015
haibe:
answer
I'm sorry I'm nt good in maths bt that formular might be correct bt its nt applicable to this question, myb it is, bt ur answer is wrong
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:45pm On Aug 15, 2015
youngsahito:
m vry much sure dat u must be an accountant cos I did compound interest in Finanacial Management...gud explanation bro n let us tell dem dat accountant rule d world
Yeah, financial management. accountants rule o!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:46pm On Aug 15, 2015
Kennedyiheme:
I'm sorry I'm nt good in maths bt that formular might be correct bt its nt applicable to this question, myb it is, bt ur answer is wrong
its correct... I can apply present value of annuity formula and it would give 2000.. thats to tell u its correct
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seighapaul(m): 9:47pm On Aug 15, 2015
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

2 Likes

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:47pm On Aug 15, 2015
haibe:
answer is 144105
think critically, "12% annualy for 20yrs....in a year he saves 24000, the interest on that for is 2880, multiply that by 240months, formulars don't work in accountin broda
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by sauceEEP(m): 9:48pm On Aug 15, 2015
angry sad shocked grin
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by loadux(f): 9:48pm On Aug 15, 2015
seighapaul:
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
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by seriousthing(m): 9:49pm On Aug 15, 2015
I am busy now for those that are interested here is the clue
year 1 = #24000+12% of yr 1 = #26,880.
year 2 = #26,880+#24000 = #50880+ 12% of #50880 =#6105.6 therefore yr 2 = #56985.6
year 3 = #56985.6 + #24000 =#80985.9 + 12% of #80985.9 therefore yr 3 = #90703.9
you can continue

2 Likes

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Physika(f): 9:49pm On Aug 15, 2015
What is going on here?

You people should quit scribbling on paper, just enter the variables into a computer, lobatan.

Btw, it is my money so quit calculating grin

enikeni o mo bi omi shey wo inu agbon..
*meaning* nobody cn tell how bones begin to form in a foetus tongue

Are you confused about the parable up there?

To know the meaning, ask ifa tongue
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by histemple: 9:49pm On Aug 15, 2015
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

For you to get the correct answer, you must recognize and show the monthly progression for the 240 months in 20 yrs.
This is because the principal + interest in the first month, added to the savings for the second month is automatically, the principal for the second month. This procedure continues until the last month of the 20th year.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by EKPETI(m): 9:50pm On Aug 15, 2015
This future value: Fv=P(1+r)^-n or p(1/(1+r^n)
24000(1+0.12)^-20
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:51pm On Aug 15, 2015
Kennedyiheme:
think critically, "12% annualy for 20yrs....in a year he saves 24000, the interest on that for is 2880, multiply that by 240months, formulars don't work in accountin broda
finance. . Not accounting as such..
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Uwaomapaul(m): 9:51pm On Aug 15, 2015
your money is 520,000 in 20yrs 2000*12 = 24,000 12percent of 24,000 is 2000*240 which is 20yrs = 480000+ 40,00 interest of 12percent which is 520,000 in 20yrs
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by rufonye: 9:52pm On Aug 15, 2015
The answer is N484,824.24K. If he is given 12% every year that means 1% every month. In the 20 yrs, there are 240 months. Now he receives interest 1% at the end of the month of what ever he has at the begining of the months. Do this for 240 months. For instance, at the end of the first month, he had 2020, so beginning of second month he had 2020 +2000 =4020. That means that at end of the 2nd month, he will have 4020 x 0.01 +4020 = 4060.2 and so on. OP abeg if any better dey contact me o....
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by crackhouse(m): 9:52pm On Aug 15, 2015
537,600 naira
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ruggedtimi(m): 9:52pm On Aug 15, 2015
484,800k
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:53pm On Aug 15, 2015
xblx:


You are close except that you calculated for 239months. I got N2,000,295.84

By just creating an excel sheet, starting with N2000 in cell A1 and inputing '=2000 + (A1+(1%*A1))' for 240cells

Bros you no sabi use excel ni

There is a function you can use directly.

Just type =FV(0.01,240,2000) in any cell.

Excel will return the answer as 1,978,510.73
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:55pm On Aug 15, 2015
haibe:
finance. . Not accounting as such..
whichever bro, its still the same line......in accounting. When you are to calculate interest or depreciation of an asset for 20yrs,in some cases u calculate it as 240months
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xxgig(m): 9:55pm On Aug 15, 2015
1,729259 naira.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:57pm On Aug 15, 2015
Kennedyiheme:
whichever bro, its still the same line......in accounting. When you are to calculate interest or depreciation of an asset for 20yrs,in some cases u calculate it as 240months
well since the question is silent on compounding. . It is implied that compounding is done annually.. so forget the 240 months ish..

This is not accounting. . This is finance... And even in accounting when calculating depreciation; the useful life is usually in years.. for example straight line method of depreciation; as depreciable assets (PPE) usually last for more than a year
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:00pm On Aug 15, 2015
if its a monthly deposit then the calculation goes

2000. (1.12)*240-1/0.12=1,081.86

hint.this is a monthly investment for 20 years.
and interest is generated upon interested starting from the. first month deposit.

our objective is how much will be in the account after the 240th deposit.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:00pm On Aug 15, 2015
231,510.272 more or less if we are not particular about the fractions!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kehyndey(f): 10:00pm On Aug 15, 2015
walexy30:


This is not simple interest you learnt in JSS classes, this is maths of finance (applied)
eh ehcheesy itz not for you to say that ...you just solve yours..
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by may16: 10:00pm On Aug 15, 2015
691,200
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:00pm On Aug 15, 2015
1,978,000
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:00pm On Aug 15, 2015
seighapaul:
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


Your analogies were good, but you forgot to add the subsequent years deposit of 24k,
Therefore Y02 should be 26,880+24,000 (then you calculate the interest for Y02) and so on and so forth.
The slot is till open, you can make it.
Try Again
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:01pm On Aug 15, 2015
walexy30:


Excellent Bro. Keep it up. That is the formular.
if u studied petroleum engineering then this wud be a cheap a number crunching for u. Pet engrng just makes one jack of all trades n wud require u to b master of all!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Adedayofemi: 10:02pm On Aug 15, 2015
The answer is 21785.12
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by harristo(m): 10:02pm On Aug 15, 2015
histemple:


For you to get the correct answer, you must recognize and show the monthly progression for the 240 months in 20 yrs.
This is because the principal + interest in the first month is automatically, the principal for the second month. This procedure continues until the last month of the 20th year.

I totally don't know much about accounting, I was actually trying to use deductive reasoning to solve it.

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