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

use formula for sum of A.P
1/2(2a....

No be small thing ooooo

1752000

[quote author=seighapaul post=37000593]

THE LOGICAL SOLUTION

YEAR 01:
24000 X 0.12 = 2880
2880 + 24000 = N26,880.00

YEAR 02:
(26880 + 24000) X 0.12 = 6105.6
6105.6 + 26880 + 24000 = N56,985.6

YEAR 03:
(56985.6 + 24000) X 0.12 = 9718.3
9718.3 + 56985.6 + 24000 = N90,703.9

YEAR 04:
(90703.9 + 24000) X 0.12 = 13764.5
13764.5 + 90703.9 + 24000 = N128,468.4

YEAR 05:
N170,764.6

YEAR 06:
N218,136.4

....
....
....

YEAR 19:
(1498619.8 + 24000) X 0.12 = 182714.4
182714.4 + 1498619.8 + 24000 = N1,705,334.2

YEAR 20: (FINAL YEAR)
(1705334.2 + 24000) X 0.12 = 207520.1
207520.1 + 1705334.2 + 24000 = N1,936,854.3

Total Amount (Deposit + Interest) = N1,936,854.3
__________________________________________________

Pls anyone with proof of calculation that got a total return of ~ N1,930,000 - N1,980,000 is on the WINNING PATH. For others with funny, some unbelievable and absurd figures that defiles financial accounting, pls go back to school.

PLS OP STOP THIS MARATHON CONTINUUM AND RELEASE UR RESULTS FOR ALL TO COMPARE.

bizzle2:
your are so confident in your failure, cumulated annual income/savings aloneeee!!! for the 20 year period is already 480,000....go figure

I made a mistake earlier on but corrected it.

The accumulated savings was #480,000

Here was what I later did if you check my previous post on this topic; the first year accumulated saving was #24,000 with #2880 as earned interest in the first year. The total of this ought to have reflected in my balance for the end of financial year. This balance would then be brought forward or down into a new financial year with 12% annual interest rate.

#24,000 + #2,880= 26,880 balance for the first year

2nd year: Balance b/d is 26,880 with 12% interest rate per annum.
The subsequent savings would be added to this balance at the end of another year and interest would equally be worked out on the balance which give us the interest earned on the balance of 2nd year.

This ll continue to 20yrs.

Thks

GentleToks:


I made a mistake earlier on but corrected it.

The accumulated savings was #480,000

Here was mistake; the first year accumulated saving was #24,000 with #2880 as earned interest in the first year. The total of this ought to have reflected in my balance for the end of financial year. This balance would then be brought forward or down into a new financial year with 12% annual interest rate.

#24,000 + #2,880= 26,880 balance for the first year

2nd year: Balance b/d is 26,880 with 12% interest rate per annum.
The subsequent savings would be added to this balance at the end of another year and interest would equally be worked out on the balance which give us the interest earned on the balance of 2nd year.

This ll continue to 20yrs.

Thks

The question is not to calculate the accumulated savings but simply total amount he will collect at the end of 20yrs (principal + Interest).

youngsahito:
so ar u already a Grad or u ar still an under G?

Grad

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


Friedplantain

Wow

i recommend excel!

Go to anywere in the world the answer is. 57600+480,000=537,600........sme of you are sayin the answer is 2milion plus, which bank will give you %12 interest for 20yrs and give u 2milllion as ur interest? Lol big joke without calculatin u'll knw tht ur answer is wrong......op tell us the right answer and give me my award

Thavybe:
Grad

dats grt bro though me also will soon be a graduate of Oau vry soon nw cos m in my finals...hw is d outside world lyk na?

youngsahito:
dats grt bro though me also will soon be a graduate of Oau vry soon nw cos m in my finals...hw is d outside world lyk na?

The funny thing is, i just graduated from OAU too, although awaiting NYSC.

57,600

Chemicalsolo:

use formula for sum of A.P
1/2(2a....

oga formular for ap no go work, maths formulars harldy works in acct

benedima1990:
..
So for every year, 12% of the amount saved will be added to the principal. .

Except this is some untouchable Business Maths formula, I find your logic quite insufficient.
Say for the first year, it is only the first #2000 that has completed a year. Others are still months short, so assigning 12% interest to the entire #24,000 saved for the year should yield a loss to the bank, I suppose.

Kennedyiheme:
oga formular for ap no go work, maths formulars harldy works in acct

Exactly, that's what I always tell them. Either u calculate manually or MS Excel is ur friend (that's if ure good at cell formatting and excel formulas)

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

your answer is absolutely correct if it's oneway deposit of 24000 naira!
see my solution using excel, good boy

Thavybe:
The funny thing is, i just graduated from OAU too, although awaiting NYSC.

wow!dis lyf is a small word niyen ooooo...

537600

Answer: N21,292:60kobo This is the formula.... [A = P(1 + (r/100) )^n

a=24000 r=1.12 sn=a(rn-1)\r-1 24000(1.12'20-1)\1.12-1 24000(9.65-1)\0.12 24000(8.65)\0.12 207600\0.12 =#1730000

Kennedyiheme:
oga formular for ap no go work, maths formulars harldy works in acct

Hardly doesn't mean NEVER.
It's a sequence of some sort so completely eliminating the formular of sequences makes a mockery of the payments.
I used logic and sequence formula to attempt this and got a total of a little over 1 million.

youngsahito:
wow!dis lyf is a small word niyen ooooo...

I dey tell you.

Initial deposit: N2,000

Regular deposits: (12 Months X 20Years X N2,000) = N480,000

Total interest: N1,266,551

Total savings: (N2,000 + N480,000 + N1,266,551) = N1,748,551


I am still looking for a job. God help me...

1,998,295.84

teufelein:
i recommend excel!

teach me how to use it

At the end of the seventh year, i got #233,434.97. Still working it out.....

422,400 after 20 yr

GentleToks:


Sir, the man saves #2000 every month for 20 yrs with 12% interest rate per annum.

#2000 × 12=24,000
Calculate your interest on 24,000 and that would give you #2880

2nd yr saving is #48,000 with 12% annual rate and that would equally 2880 ×2=#5670

3rd................All the way to the last year which is 20 yrs.


All his interest for 20yrs comes to a total sum of #57,600

All his saving for 20yrs comes to a total sum of #480,000

#480,000(20yrs accumulated savings) + #57,600( 20yrs total accumulated interest) = 537,600.

Won't the interest from Y01-Y19 attract interest too since it is still in his account.

You are Wrong