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Education › Re: If You Can Solve This Maths, A Financial Institution Should Employ You. by xblx: 9:09pm On Aug 15, 2015

sureguy02:
The monthly interest rate is 1%

Fv = pv ((1+r)ⁿ-1)/r

Fv = 2,000[(1+0.1)²⁴⁰-1]/0.1

=N1,978,510.73

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

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