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If You Can Solve This Maths, A Financial Institution Should Employ You. - Education (10) - Nairaland

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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:03pm 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

You calculated for 241 months
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:03pm On Aug 15, 2015
tunergy:

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

I already made it! Check above you!
231,510.272 more or less!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:05pm On Aug 15, 2015
haibe:
well since the question is silent on compounding. . It is implied that compounding is done annually.. so forget the 240 months ish
this is really complicated, I solved again nd I'm sticking to my first answer which is 57600+480,000=537,000.....final answer
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by AdimGreat(f): 10:05pm On Aug 15, 2015
#1,936,769.653.
It is compound interest. The principal changes every year hence interest will be calculated 20 times with the new principal.

1 Like

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:05pm On Aug 15, 2015
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

guy we share same school of thought... same thing is applicable even in loans.. !!!
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by surveycash(m): 10:06pm On Aug 15, 2015
The $ is N

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Niwdog(m): 10:06pm On Aug 15, 2015
484,200
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adanny01(m): 10:06pm On Aug 15, 2015
TVTKOKO:
lemme help y'all.
231511.0342(compound interest)+480000(overall savings)= 711,511.03

I read all post, am the 1st to post exactly this same answer then you. I think this is the right one.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:08pm On Aug 15, 2015
"Annual interest of 12% each year for 20yrs, interest in one year is 2880, multiply that by 20yrs, gives you your answer
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 10:09pm On Aug 15, 2015
Kennedyiheme:
this is really complicated, I solved again nd I'm sticking to my first answer which is 57600+480,000=537,000.....final answer
lol.. okay let me solve using 240 months.. I will get back to u..


donw but answee doesn't make sense.. lol
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ritmove(m): 10:10pm On Aug 15, 2015
tunergy:



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

How is the interest calculated? Is it annually, monthly or daily? You will be surprise that Some financial packages will do daily interest.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:10pm On Aug 15, 2015
adora4u1:


I already made it! Check above you!
231,510.272 more or less!

Is this the interest alone or the total value for 20years, without interest, his money will be more than this in 20years.

1 Like

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:10pm On Aug 15, 2015
mfm04622:

Why did you disgrace your teacher and school like this?
you tht has a very good teacher, tell us your answer
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 10:12pm On Aug 15, 2015
haibe:
lol.. okay let me solve using 240 months.. I will get back to u..


donw but answee doesn't make sense.. lol
u'll get the wrong answer if u use 240months because of the context of the question, it said anually for 20yrs, so u shld use 20
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by falar(m): 10:13pm On Aug 15, 2015
grin
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by 19naia(m): 10:13pm On Aug 15, 2015
Complex unless you have the formula.It involves the compounding effect where each years intrest is added to the following years amount and that then increases the amount of interest paid the year after. This process contiunes every year in a compounding fashion to give a different but increasing total for each year.
year twenty is likely "n" in the formula equation and that will also bring to term (n-1) as year 19.

I see the complexity and cant recall the formula and dont care to take the time to calculate it year by year in 20 different steps.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:13pm On Aug 15, 2015
haibe:
answer is 144105
we got the same answer in my first question but we are both wrong because the compounding period is 12*20=240.so my dear you got the formulae right but the solution is wrong.insert240 into where you put 20 and you will get the right answer which is

1,081,860

1 Like

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by falar(m): 10:14pm On Aug 15, 2015
THE ANSWER IS =N=464,678.15

PLS I NEED THE JOB grin grin grin
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:15pm On Aug 15, 2015
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

Please clarify, is your answer JUST the return on investment?
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 10:16pm On Aug 15, 2015
futurewise11:

we got the same answer in my first question but we are both wrong because the compounding period is 12*20=240.so my dear you got the formulae right but the solution is wrong.insert240 into where you put 20 and you will get the right answer which is

1,081,860
u are right
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:17pm On Aug 15, 2015
AdimGreat:
#1,936,769.653.
It is compound interest. The principal changes every year hence interest will be calculated 20 times with the new principal.


it can.be compound interest.since its a regarlar periodic deposit.this is annuity.compound interest a one lump sum deposit.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:17pm On Aug 15, 2015
FVA(r) = A [(1+k/m)^nm-1]÷k/m

2000[(1.01)^240-1]÷0.01
2000[10.8926-1]÷0.01
2000[9.8926]÷0.01

Answer = 1,978,520
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:17pm On Aug 15, 2015
haibe:
u are right

thanks
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adora4u1: 10:17pm On Aug 15, 2015
tunergy:

Is this the interest alone or the total value for 20years, without interest, his money will be more than this in 20years.

That's the total value for 20 years, deposit plus interest. He only deposited 24,000 in the first year and nothing more. We are calculating the interest based on that. It's not that he deposits 24,000 every year.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Ennovy(m): 10:18pm On Aug 15, 2015
#19,284 with fair approximations..... It's intrests compounded after 20 years
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adanny01(m): 10:19pm On Aug 15, 2015
falar:
THE ANSWER IS =N=464,678.15

PLS I NEED THE JOB grin grin grin

I dont think you can get that job. The saving of 2k a month for 20 yrs alone is 480. Si you are mist definitely wrong.
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by may16: 10:21pm On Aug 15, 2015
1,171,200
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ZziClass1k(m): 10:21pm On Aug 15, 2015
This is a future value of annuity question.using this formula it can be solved. unfortunately i do not have a scientific calc. do the maths

1 Like

Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 10:22pm On Aug 15, 2015
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).
FVA(r) = A [(1+k/m)^nm-1]÷k/m

2000[(1.01)^240-1]÷0.01
2000[10.8926-1]÷0.01
2000[9.8926]÷0.01

Answer = 1,978,520
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ogene70: 10:22pm On Aug 15, 2015
FriedPlantain:
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

this is the most correct answer; annuities, yet no much comments. ..It shows the level of financial understanding of most Nigerian youths...very poor.


Friedplantain
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 10:24pm 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

bros 240 *2000alone is =480,000.

you try sha
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tunergy(m): 10:25pm 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).]

adora4u1:


That's the total value for 20 years, deposit plus interest. He only deposited 24,000 in the first year and nothing more. We are calculating the interest based on that. It's not that he deposits 24,000 every year.

That's a new twist, so the deposit was for a year only?

Read The question above again.

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