Can You Solve This Retirement Maths? - Education - Nairaland
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| Can You Solve This Retirement Maths? by Nobody: 10:05am 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): 10:10am On Aug 15, 2015 |
537600 |
| Re: Can You Solve This Retirement Maths? by heayey(m): 10:23am On Aug 15, 2015 |
Annual Savings = 2000 * 12 = 24000
Annual Interest = 12% of 24000 = 2880
A.Interest + A.Savings = 26880 Annual Balance * 20 yrs = 537600 |
| Re: Can You Solve This Retirement Maths? by Nobody: 10:51am On Aug 15, 2015 |
heayey:wrong |
| Re: Can You Solve This Retirement Maths? by paix(m): 11:45am On Aug 15, 2015 |
I got 1,852,388.06 |
| Re: Can You Solve This Retirement Maths? by heayey(m): 11:47am On Aug 15, 2015 |
walexy30:How? |
| Re: Can You Solve This Retirement Maths? by Nobody: 12:40pm On Aug 15, 2015 |
paix:Bro. You came very close. |
| Re: Can You Solve This Retirement Maths? by paix(m): 12:47pm On Aug 15, 2015 |
walexy30:Is it 1,876,388.06? |
| Re: Can You Solve This Retirement Maths? by Nobody: 1:37pm On Aug 15, 2015 |
paix:No! |
| Re: Can You Solve This Retirement Maths? by paix(m): 1:47pm On Aug 15, 2015 |
walexy30:Provide the answer then. |
| Re: Can You Solve This Retirement Maths? by Holuwarsehun(m): 3:01pm On Aug 15, 2015 |
1978000 |
| Re: Can You Solve This Retirement Maths? by tushwolz(m): 9:23pm On Aug 15, 2015 |
1,936,769.60 .....too sure of this ans |
| Re: Can You Solve This Retirement Maths? by YellowBastard: 11:14pm On Aug 15, 2015 |
walexy30:Warren Buffet likes this; this is not a straight maths, it is the application of maths. Banks pay interests on monthly basis. Thus, after month 1, the accrued balanced will be N2,020 and after month 2 it will be N4,060.20 and month 3 = N6,120.80 and so on and so forth. The total accrued money after a 240-month contribution is N1,998,295.84 |
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