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Can You Solve This Retirement Maths? - Investment - Nairaland

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Can You Solve This Retirement Maths? by Nobody: 9:38am 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).
Re: Can You Solve This Retirement Maths? by majamajic(m): 9:46am On Aug 15, 2015
537,600
Re: Can You Solve This Retirement Maths? by Nobody: 9:49am On Aug 15, 2015
majamajic:
537,600

Nice try, but you are wrong.
Re: Can You Solve This Retirement Maths? by spill(m): 10:23am On Aug 15, 2015
walexy30:

Nice try, but you are wrong.

He is correct abeg
Re: Can You Solve This Retirement Maths? by Holuwarsehun(m): 2:59pm On Aug 15, 2015
1978000
Re: Can You Solve This Retirement Maths? by Nobody: 4:24pm On Aug 15, 2015
After 20 years you will have N1,998,295.84
Re: Can You Solve This Retirement Maths? by freemile2ru: 5:10pm On Aug 16, 2015
The questions is not correct, the interest rate should be specified. Is it monthly or yearly? Or overall interest. If it's any of the first two, den it's compound interest which will involve lots of calculation and I don't d luxury of time. Of is the other one. Den it's simple interest.
Re: Can You Solve This Retirement Maths? by Nobody: 5:23pm On Aug 16, 2015
freemile2ru:
The questions is not correct, the interest rate should be specified. Is it monthly or yearly? Or overall interest. If it's any of the first two, den it's compound interest which will involve lots of calculation and I don't d luxury of time. Of is the other one. Den it's simple interest.

The interest rate of 12% annually which comes to 1% monthly

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