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Nairaland Forum / Nairaland / General / Education / If You Can Solve This Maths, A Financial Institution Should Employ You. (63557 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)
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Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 12:33am On Aug 16, 2015 |
Use M = A X Y ( 12 ) divided 240 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by ransomed: 12:46am On Aug 16, 2015 |
benedima1990:::--Magana Yakare. Your head dey there. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by youngsahito(m): 12:49am On Aug 16, 2015 |
Thavybe:so ar u already a Grad or u ar still an under G? |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 1:00am On Aug 16, 2015 |
[color=#770077][/color]It's interesting to still see the interest of many people at attempting to solve questions on the greatest mental tasking subject -Mathematics. I must confess that the numerous solutions I've seen gladden my heart, although I do not agree with them. Patiently follow the solution. 1) This is a complex form of a Compound Interest question. (Reason: You need to keep on adding the monthly savings he makes per month.) The mistake from many is to assume a one-time principal. For clarity, at the end of the first year, the Principal = #2000 x 12 = #24000. 12% interest on this gives 24000 x 0.12 = 2880. At the end of the 2nd year, the New Principal = (Principal of year 1) + (Savings/principal of year 2) + Interest from year 1 = 24000 +24000 +2880 = 50880. Interest from year 2 = 50880 x 0.12 = 6105.6. At the end of year 3, the New Principal = (year 1 principal) + (year 2 principal) + (year 3 principal) + (Interest from year 2) = 24000 + 24000 + 24000 + 6105.6 = 78105.6. and on and on like that. As a mathematics student, I computed an analytical equation for this 'progressive compound interest' problem thus. Amt=yp*(n+(n*x)+((n-1)*x^2)+((n-2)*x^3)+((n-3)*x^4)+((n-4)*x^5)+((n-5)*x^6)+((n-6)*x^7)+((n-7)*x^+((n-*x^9)+((n-9)*x^10)+((n-10)*x^11)+((n-11)*x^12)+((n-12)*x^13)+((n-13)*x^14)+((n-14)*x^15)+((n-15)*x^16)+((n-16)*x^17)+((n-17)*x^18)+((n-18)*x^19)+(x^20)) yp = yearly savings/principal = #24000, n = number of years = 20, x = interest rate per annum = 12% = 0.12, Amt = Amount at the end of 20 years Amt = # 545,010. This is an adjusted solution to correct an error in the former. This answer should be CORRECT. 2 Likes |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by cilom14: 1:01am On Aug 16, 2015 |
Final answer: 1,998,295.84 (at the end of year 20 or 240 months) Month 240 Principal 1,978,510.73 Interest 19,785.11 Compound Savings 1,998,295.84
|
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by economia: 1:12am On Aug 16, 2015 |
walexy30:1729258.619 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by inze(m): 1:13am On Aug 16, 2015 |
[b]Interest would have to be calculated annually, added and carried over to the next year balance: Year 1 = (2000*12)*12% = 2880(interest) + 24000(total savings) = 26,880: Year 2 = (26,880*0.12) + 26880 = 30,105.6 Year 3 = (30,105.6 * 0.12) + 30,105.6 = 33,718.2 Year 4 = (33,718.2 * 0.12) + 33,718.2 = 37,764.16 Year 5 = (37,764.16 * 0.12) + 37,764.16 = 42,295.85 Year 6 = (42,295.85 * 0.12) + 42,295.85 = 47,371.35 Year 7 = (47,371.35 * 0.12) + 47,371.35 = 53,055.91 Year 8 = (53,055.91 * 0.12) + 53,055.91 = 59,422.61 Year 9 = (59,422.61 * 0.12) + 59,422.61 = 66,553.32 Year 10 = (66,553.32 * 0.12) + 66,553.32 = 74,539.71 Year 11 = (74,539.71 * 0.12) + 74,539.71 = 83,484.47 Year 12 = (83,484.47 * 0.12) + 83,484.47 = 93,502.60 Year 13 = (93,502.60 * 0.12) + 93,502.60 = 104,722.91 Year 14 = (104,722.91 * 0.12) + 104,722.91 = 117,289.65 Year 15 = (117,289.65 * 0.12) + 117,289.65 = 131,364.40 Year 16 = (131,364.40 * 0.12) + 131,364.40 = 147,128.12 Year 17 = (147,128.12 * 0.12) + 147,128.12 = 164,783.49 Year 18 = (164,783.49 * 0.12) + 164,783.49 = 184,557.50 Year 19 = (184,557.50 * 0.12) + 184,557.50 = 206,704.40 Year 20 = (206,704.40 * 0.12) + 206,704.40 = 231,508.92 Compounding total sum for each year gives you 1,936,753.17[/b] |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by dicksonadams(m): 1:20am On Aug 16, 2015 |
920,102.40 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 1:30am On Aug 16, 2015 |
If your answer is different from this #530,600, you have failed woefully. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by missionmex(m): 1:33am On Aug 16, 2015 |
After almost killing myself I got 1,960,769.9 This must b the answer |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 1:35am On Aug 16, 2015 |
Education in Nigeria has become a joke............ A man is saving #200 every month with 12% interest rate per annum over 20yrs. What would this man receive in total in 20yrs? Simple and straight forward question... Awon Olodos..... |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 1:35am On Aug 16, 2015 |
GentleToks:I'm obliged to disagree with you on this. I think the answer is # 541,700. Can you show your solution pls. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 1:37am On Aug 16, 2015 |
[color=#006600][/color][b][/b]N1,771,984.672 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 1:38am On Aug 16, 2015 |
missionmex: Olodo, hw did you arrive at that over bloated answer. Having seen you result, you better go and learn how to cut keys and shoes polishing so as to get a menial job. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 1:38am On Aug 16, 2015 |
missionmex:No. it's not. The answer is # 541,700 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 1:38am On Aug 16, 2015 |
prinzayf:. How did u get 0.01 as r |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 1:40am On Aug 16, 2015 |
[/color]N1,771,984.672 dis must be correct![color=#006600]N1,771,984.672 dis must be correct!N1,771,984.672 dis must be correct! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 1:40am On Aug 16, 2015 |
benedima1990:You are correct. It is going to be cumulative with the 12% each year for 20 years. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 1:43am On Aug 16, 2015 |
[b][/b]N1,771,984.672 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 1:46am On Aug 16, 2015 |
walexy30:1) This is a complex form of a Compound Interest question. (Reason: You need to keep on adding the monthly savings he makes per month.) The mistake from many is to assume a one-time principal. For clarity, at the end of the first year, the Principal = #2000 x 12 = #24000. 12% interest on this gives 24000 x 0.12 = 2880. At the end of the 2nd year, the New Principal = (Principal of year 1) + (Savings/principal of year 2) + Interest from year 1 = 24000 +24000 +2880 = 50880. Interest from year 2 = 50880 x 0.12 = 6105.6. At the end of year 3, the New Principal = (year 1 principal) + (year 2 principal) + (year 3 principal) + (Interest from year 2) = 24000 + 24000 + 24000 + 6105.6 = 78105.6. and on and on like that. As a mathematics student, I computed an analytical equation for this 'progressive compound interest' problem thus. Amt=yp*(n+(n*x)+((n-1)*x^2)+((n-2)*x^3)+((n-3)*x^4)+((n-4)*x^5)+((n-5)*x^6)+((n-6)*x^7)+((n-7)*x^cool+((n-cool*x^9)+((n-9)*x^10)+((n-10)*x^11)+((n-11)*x^12)+((n-12)*x^13)+((n-13)*x^14)+((n-14)*x^15)+((n-15)*x^16)+((n-16)*x^17)+((n-17)*x^18)+((n-18)*x^19)+(x^20)) yp = yearly savings/principal = #24000, n = number of years = 20, x = interest rate per annum = 12% = 0.12, Amt = Amount at the end of 20 years Amt = # 545,010. This is an adjusted solution to correct an error in the former. This answer should be CORRECT. 1 Like |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 1:50am On Aug 16, 2015 |
itopicman: 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. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 1:51am On Aug 16, 2015 |
itopicman: You are almost there. The answer is #537, 600. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Danfo(m): 1:52am On Aug 16, 2015 |
Use Excel FV Function |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by DATBOI: 1:56am On Aug 16, 2015 |
IN 20YRS TIME U SHOULD RECEIVE THE SUM OF N1,771,984.672 |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 1:58am On Aug 16, 2015 |
GentleToks:You are wrong. You need to add the interest for the first year to get the total saving for that year of =N= 26,880 and then add that to the next year saving and get the interest and continuously like that until 20-year period. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by missionmex(m): 1:58am On Aug 16, 2015 |
GentleToks:mr man from the way u present urself, I think begging on the street is going to be good for u. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by mozeybee: 2:01am On Aug 16, 2015 |
itopicman: Hun. Thank you sir/ma. This is a really detailed solution. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 2:04am On Aug 16, 2015 |
itopicman: We are both wrong. We failed to carry our first year balance + interest forward to the subsequent year. We arrived at our answers by calculating our interest on yearly savings without carrying the total figure to the following year. Here is the solution: 1st year- Saving #2000 every month Total annual savings- #24,000 Annual interest on #24,000 is #2880 base on the 12% annual interest rate Moving to a new financial year, the interest + total saving would be carried forward to another financial year and that would be #26,880 So 2nd year would begin with a balance of #26,880......... If you continue like this to the last year, your correct and perfect answer is guaranteed |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 2:07am On Aug 16, 2015 |
missionmex: O gbadun u know!!! Olodo oshisko!!!! |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by GentleToks(m): 2:09am On Aug 16, 2015 |
all4naija: Keep your advice to yourself cos i have mercilessly dealt with the question before your interruption |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by itopicman: 2:10am On Aug 16, 2015 |
GentleToks: The first three lines of your solution are correct. Your solution is however wrong from line 4. the principal for the second year = #48,000 + 2880 = # 50,880. I call this kind of problem Progressive Compound Interest because the man keeps saving until the the last month of the 20th year. You can go through my solution above. |
Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by Nobody: 2:11am On Aug 16, 2015 |
GentleToks:That's wrong! Period! |
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