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If You Can Solve This Maths, A Financial Institution Should Employ You. - Education (13) - Nairaland

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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:
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
::--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:
Yeah, financial management. accountants rule o!
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^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.

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:
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).
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 cool
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:
If your answer is different from this #530,600, you have failed woefully.
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:
After almost killing myself I got 1,960,769.9



This must b the answer cool

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:
After almost killing myself I got 1,960,769.9

This must b the answer cool
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:
#2000 [(( 1+0.01)^240 -1)/ 0.01] = #1,978,510.73
. 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:
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
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:
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).
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:

I'm obliged to disagree with you on this. Can you show your solution pls.

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:

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-1)*x)+((n-2)*x^2)+((n-3)*x^3)+((n-4)*x^4)+((n-5)*x^5)+((n-6)*x^6)+((n-7)*x^7)+((n-cool*x^cool+((n-9)*x^9)+((n-10)*x^10)+((n-11)*x^11)+((n-12)*x^12)+((n-13)*x^13)+((n-14)*x^14)+((n-15)*x^15)+((n-16)*x^16)+((n-17)*x^17)+((n-18)*x^18)+((n-19)*x^19))
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 = # 541,700.

OR

Amt = 24000 * [20 + 19(0.12) + 18(0.12)^2 + 17(0.12)^3 + 16(0.12)^4 + 15(0.12)^5 +14(0.12)^6 + 13(0.12)^7 + 12(0.12)^8 + 11(0.12)^9 + 10(0.12)^10 + 9(0.12)^11 + 8(0.12)^12 + 7(0.12)^13 + 6(0.12)^14 + 5(0.12)^15 + 4(0.12)^16 + 3(0.12)^17 + 2(0.12)^18 + (0.12)^19]
Amt = # 541,700.
I love Mathematics !

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:


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.
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:


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.
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:
[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-1)*x)+((n-2)*x^2)+((n-3)*x^3)+((n-4)*x^4)+((n-5)*x^5)+((n-6)*x^6)+((n-7)*x^7)+((n-cool*x^cool+((n-9)*x^9)+((n-10)*x^10)+((n-11)*x^11)+((n-12)*x^12)+((n-13)*x^13)+((n-14)*x^14)+((n-15)*x^15)+((n-16)*x^16)+((n-17)*x^17)+((n-18)*x^18)+((n-19)*x^19))
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 = # 541,700.

OR

Amt = 24000 * [20 + 19(0.12) + 18(0.12)^2 + 17(0.12)^3 + 16(0.12)^4 + 15(0.12)^5 +14(0.12)^6 + 13(0.12)^7 + 12(0.12)^8 + 11(0.12)^9 + 10(0.12)^10 + 9(0.12)^11 + 8(0.12)^12 + 7(0.12)^13 + 6(0.12)^14 + 5(0.12)^15 + 4(0.12)^16 + 3(0.12)^17 + 2(0.12)^18 + (0.12)^19]
Amt = # 541,700.
I love Mathematics !


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:

I'm obliged to disagree with you on this. I think the answer is # 541,700. Can you show your solution pls.

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:
mr man from the way u present urself, I think begging on the street is going to be good for u.

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:
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.

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:


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.

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:


Keep your advice to yourself cos i have mercilessly dealt with the question before your interruption
That's wrong! Period!

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