Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,165,324 members, 7,860,777 topics. Date: Friday, 14 June 2024 at 04:09 PM |
Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (63679 Views)
Who Can Solve This? / Food Production: FG To Employ 100,000 Graduates / What Is The Answer To This Maths Question That Has Gone Viral??? (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (19) (Reply) (Go Down)
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by watchamacalit: 8:23pm On Aug 15, 2015 |
[size=24pt]The answer is N1,841,714.71. Am I right?[/size] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by akandea(m): 8:23pm On Aug 15, 2015 |
81600 after 20 years |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by lomprico(m): 8:24pm On Aug 15, 2015 |
[size=48pt]N484800[/size] Cc: walexy30 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:26pm On Aug 15, 2015 |
Change the 20 years to 240 months and you arrive at your answer. walexy30: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by profmallory(m): 8:28pm On Aug 15, 2015 |
[ Yes you re correct, this has to be treated as compound intrest. However this isnt even maths enough, differntials, integrations and iterations (the type we did in Engineering maths) is the real mwthematics quote author=benedima1990 post=36978392]Go study your compound interest formular well Those mathematicians above me It's not interest at the end of 20 years oooo But each year. So for every year, 12% of the amount saved will be added to the principal. Thereby moving the total forward to the next financial year * I love mathematics [/quote] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by donifez(m): 8:28pm On Aug 15, 2015 |
I no use any particular formula just common sense 2000 * 12 (1 year)=24000 12% of 24000= 2880 so my interest 2880 + 24000=26880( for a year) 26880*20years=537600. I drop my imaginary pen. Ok now i understand what the op meant, it should be yearly make i sekem comot joh. 1 Like 1 Share |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chigoizie7(m): 8:28pm On Aug 15, 2015 |
Alcheringa: It should be compounded, use compound interest |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by 9jatatafo(m): 8:29pm On Aug 15, 2015 |
Ecomaths students and accounting students make una come out ooo.
I love maths. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Mrbee21(m): 8:29pm On Aug 15, 2015 |
22,400 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by deniyor: 8:29pm On Aug 15, 2015 |
2,020, 080.95 or 1, 998, 295.84 . Depending on when the first and second 2000 was deposited. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by fnep2smooth(m): 8:30pm On Aug 15, 2015 |
#80,640,000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by kiddie(m): 8:30pm On Aug 15, 2015 |
806400 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by princeade86(m): 8:30pm On Aug 15, 2015 |
408333.333 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Ekowise(m): 8:31pm On Aug 15, 2015 |
19292.57
FV=PV(1+r)^n
FV= 2000(1+0.12)^20
FV= 2000(1.12)^20
FV= 2000 x 9.646
FV= 19292. 57 Now where's the bank job? 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by follyinfo(m): 8:32pm On Aug 15, 2015 |
N240 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chronique(m): 8:32pm On Aug 15, 2015 |
This is annuity. Unfortunately,I don't have the time to solve it now. walexy30: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by akandea(m): 8:32pm On Aug 15, 2015 |
Does the Bank run Simple interest or Compound interest. For simple interest 480000 + 57600 = N537600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by yomifola(m): 8:32pm On Aug 15, 2015 |
Wale wale wale!!!!! How many times did I call u... ?? What is the answer? B4 I curse u .... Oya Abeg, tell me |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by emmyojo22(m): 8:32pm On Aug 15, 2015 |
This is my answer
Fv = pv (1+r)^t
Fv= future value of savings
Pv= present value
r= interest rate
T= time or duration of savings Pv= 24000 r= 0.12 T=20 Fv= 24000(1+0.12) ^20 Fv= 231511.0342 Future value of savings is N231511.0342 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by emmyojo22(m): 8:33pm On Aug 15, 2015 |
Ekowise:Wrong. Check my post for the right answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by sunnyb0b0(m): 8:34pm On Aug 15, 2015 |
walexy30: N1,868,467.21 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:35pm On Aug 15, 2015 |
57600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by emmyojo22(m): 8:36pm On Aug 15, 2015 |
alsudaes1:This is the correct answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Ebenezerk2: 8:36pm On Aug 15, 2015 |
Wrong seriously Drahl: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:37pm On Aug 15, 2015 |
N57600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:37pm On Aug 15, 2015 |
temidayodamoye:I like that the machine in yo head is in perfect condition, keep up that feat! And keep the Engineering flag up! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Chineduorizu(m): 8:39pm On Aug 15, 2015 |
the answer is this... saves=2000 percentage=12% year=20 solution .2000×12(1year)=24000 .to find the percentage....12% so therefore 12% is 100÷12=8.3333. 2000×12=24000 per year then 24000×20year=480,000 then the saving at the end of 20year should be...480,000×8.3(percentage)=3,984,000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Emary(f): 8:39pm On Aug 15, 2015 |
2,020,080.95 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by SarahD(f): 8:40pm On Aug 15, 2015 |
If you save 2000naira every month at 12% per year, you would have saved 24000 in the first year. Your interest for first year will be 2880naira and your money in will be 24000+2880= 26880. In the second year, you will save an extra 24000, add it to 26880 of last yeat and your principal will be 50880. 12% of 50880 is 6105,6naira, you will now have 50880+6105.6, which gives you 56985.6 naira at the end of the second year. In the third year, your principal will be 56985.6+another 24000 which is 80985.6naira. Then get 12% of that and you continue calculating it in that manner till you get to the 20th year. 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 8:41pm On Aug 15, 2015 |
walexy30: 2000 x 12 = 24000 12% of 24000 = 2880/yr N2880 x 20yrs = N57,600. Hope say I get am. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by emmyojo22(m): 8:41pm On Aug 15, 2015 |
walexy30:Whaat was ur answer |
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (19) (Reply)
Fun Test: Name the Parts of the Body in Your Language! / Nigerian University With The Highest Number Of Professors? / Meet Joy Jegede, The Youngest Lawyer In Africa, Her Age (Photos)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 25 |