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Can You Solve This Retirement Maths? by Nobody: 10:05am On Aug 15, 2015
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).
Re: Can You Solve This Retirement Maths? by majamajic(m): 10:10am On Aug 15, 2015
537600
Re: Can You Solve This Retirement Maths? by heayey(m): 10:23am On Aug 15, 2015
Annual Savings = 2000 * 12 = 24000 Annual Interest = 12% of 24000 = 2880 A.Interest + A.Savings = 26880
Annual Balance * 20 yrs = 537600
Re: Can You Solve This Retirement Maths? by Nobody: 10:51am On Aug 15, 2015
heayey:

Annual Savings = 2000 * 12 = 24000
Annual Interest = 12% of 24000 = 2880
A.Interest + A.Savings = 26880

Annual Balance * 20 yrs = 537600

wrong
Re: Can You Solve This Retirement Maths? by paix(m): 11:45am On Aug 15, 2015
I got 1,852,388.06
Re: Can You Solve This Retirement Maths? by heayey(m): 11:47am On Aug 15, 2015
walexy30:

wrong
How?
Re: Can You Solve This Retirement Maths? by Nobody: 12:40pm On Aug 15, 2015
paix:
I got 1,852,388.06

Bro. You came very close.
Re: Can You Solve This Retirement Maths? by paix(m): 12:47pm On Aug 15, 2015
walexy30:


Bro. You came very close.
Is it 1,876,388.06?
Re: Can You Solve This Retirement Maths? by Nobody: 1:37pm On Aug 15, 2015
paix:
Is it 1,876,388.06?

No!
Re: Can You Solve This Retirement Maths? by paix(m): 1:47pm On Aug 15, 2015
walexy30:


No!
Provide the answer then.
Re: Can You Solve This Retirement Maths? by Holuwarsehun(m): 3:01pm On Aug 15, 2015
1978000
Re: Can You Solve This Retirement Maths? by tushwolz(m): 9:23pm On Aug 15, 2015
1,936,769.60 .....too sure of this ans
Re: Can You Solve This Retirement Maths? by YellowBastard: 11:14pm On Aug 15, 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).

Warren Buffet likes this; this is not a straight maths, it is the application of maths.

Banks pay interests on monthly basis. Thus, after month 1, the accrued balanced will be N2,020 and after month 2 it will be N4,060.20 and month 3 = N6,120.80 and so on and so forth.

The total accrued money after a 240-month contribution is N1,998,295.84

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