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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (63675 Views)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by deanels50: 9:05pm On Aug 15, 2015 |
For a year he has 2000*12 = 24000 so 12% of 24000 =28800 (add both figure) u get 52800 so he keeps 52800 every year in his bank so for 20years he would have 52800*20 which is equals to #1,056,000 hit me up on 08100581890 if am correct or on IG@cranepapi 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by nigerianvenom(m): 9:05pm On Aug 15, 2015 |
stlaibrowne: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chidifyn(f): 9:06pm On Aug 15, 2015 |
20,000 *12/100 = 20*12= 240(interest monthly) So d total money + interest per mth = 20,000+240= 20,240 Total for a period of 20yrs =12months * 20yrs = 240months 20,240*240mths= 4,857,600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Weah96: 9:06pm On Aug 15, 2015 |
Forget the formula, it's for the young people who remember. Use common sense. 12% of 2000=240 add to the principal of N2000 12% of 2240= 268.8 add to the principal of N2240 12% of 2508.8= 301.056 add to the principal of N2508.8 Do it till you reach 20 yrs. Or use Wolfram Alpha. The answer is [size=18pt]N19293[/size]. Modified: the above assumed N2000 was saved EVERY YEAR, not every month. For N24000 a year, the answer is [size=19pt]N231511[/size] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by nobosaba(m): 9:06pm On Aug 15, 2015 |
walexy30: You shouldn't have said that |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:07pm On Aug 15, 2015 |
UlqU3:wrong |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:07pm On Aug 15, 2015 |
Answer is 19293 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:08pm On Aug 15, 2015 |
nobosaba: Sorry |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:08pm On Aug 15, 2015 |
walexy30:isnt this cost of equity wher derz dis long formular involving 1 divided by 1+r raise to power n.... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:09pm On Aug 15, 2015 |
A (1+r)^n 2000 (1.12)^20 19.293 its a simple future value question.. No compounding, no annuity |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by youngsahito(m): 9:09pm On Aug 15, 2015 |
Thavybe:m vry much sure dat u must be an accountant cos I did compound interest in Finanacial Management...gud explanation bro n let us tell dem dat accountant rule d world |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xblx: 9:09pm On Aug 15, 2015 |
sureguy02: 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 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by nobosaba(m): 9:10pm On Aug 15, 2015 |
walexy30: Thank you |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:10pm On Aug 15, 2015 |
D tin hard die, I sabi d answer, but I don't Bleep.ing know any formula to shorten it, my brain maybe powerful , but I suck in maths. One can calculate and get 12% per year, den calculate for 20 years , same goes for 19 years, 18 years, 17 years, 16 years, in that order till the final year which is one year ... Now the compounded profit interest for each year can be calculated separately as well. Lmao. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:11pm On Aug 15, 2015 |
debbianah:Thanks alot eh? but leave my money for me I no wan save again.. inugo? in short give me now, I no do oooooO |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by UlqU3(m): 9:12pm On Aug 15, 2015 |
walexy30:How many times a year is the interest compounded? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:12pm On Aug 15, 2015 |
SarahD:12% interest isn't meant to be charged each year of 20yrs, but 12% interest on 480,000, the question didn't say u shld charge the interest each year |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by dayodare49o: 9:13pm On Aug 15, 2015 |
walexy30:bro I am sorry I am not interested. from experience I know if i save 1000 at 10% interest for 3 years the first year balance will be 1100 naira, the second year balance will be 1110 and third year will be 1111so if I know this then formulae will be created and with it any question can be solved. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by adanny01(m): 9:15pm On Aug 15, 2015 |
Interest = P (1 + r/n)^nt P = N2000 r = 12% = 0.12 n = 1 because interest is per annum t = 20 I = 24000 (1+0.12)^20 I = 231511.03 Savings = 2000*12*20 = 480,000 Total = Savings + Interest Total payable after 20 yrs is [size=18pt]N711,511.03[/size] walexy30 hope you see |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Kennedyiheme: 9:15pm On Aug 15, 2015 |
haibe:I'm a buisness student, there's ntin mathematics of finance in that simple question....the anser is 57600 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by chronique(m): 9:15pm On Aug 15, 2015 |
Annuity is 24000/yr(2000x12 months) Annuity factor is 81.2828(approximately) Terminal value = 24000 x 81.2828 = 1,950,787.20 Note: final answer might vary from person to person due to approximations. walexy30: |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mfm04622: 9:15pm On Aug 15, 2015 |
Alcheringa: Wrong! Since the savings is monthly, you earn interest from the first month. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by narttis1: 9:15pm On Aug 15, 2015 |
This is basic financial mathematics. it's an annuity problem. The solution is as follows: the annual payments will be 12,000×12=24,000 (1-v^n)/int v=1÷(1.12)=0.89286 v^20=0.10367 annuity=(1-0.10367)/0.12=7.46942 24000×7.46942=#179,266. This is a close approximation because I did not convert the interest rate to a monthly one. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by tushwolz(m): 9:16pm On Aug 15, 2015 |
walexy30: U will have (N1936769.60) one million nine hundred and thirty six thousand seven hundred and sixty nine naira sixty kobo |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:17pm On Aug 15, 2015 |
gt |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by baloney: 9:19pm On Aug 15, 2015 |
FV of 2000 in each month for 20years at 12% interest is #537,600. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by David0(m): 9:19pm On Aug 15, 2015 |
walexy30: N1,152,000 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 9:19pm On Aug 15, 2015 |
The answer is 481893 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by haibe(m): 9:19pm On Aug 15, 2015 |
Kennedyiheme:lol.. its mathematics of finance dude.. that doesn't mean u cant use the simple complicated methods u get in primary school. . But it is a question whereby we want to know the yield of our investment today in 20 years given a 12% interest rate.. you get this with a simple future value of annuity formula... lol; |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by gbaskiboy: 9:20pm On Aug 15, 2015 |
walexy30:57600, that is what I got too |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by futurewise11(m): 9:20pm On Aug 15, 2015 |
this is business mathematics first semester exam question.future value of annuity.expect the answer soon... |
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