Recurring Deposist Formula Posted Date: 02 Nov 2009     Resource Type: Articles/Knowledge Sharing     Category: Education Author: Ratnesh Member Level: Gold     Rating: Points: 2

Hello Friends, As most of us wonders how the bank guys calculate interest and maturity amount so fast. So its nothing great or magical in that..its just a formula behind it. Recurring Deposist Formula M = R [ (1+i)n – 1] -------------------- 1- (1+i) -1/3 Enter Below Values: M = Maturity value Result R = Monthly installment 1084 n = Number of quarters 20 i = Rate of interest/400 8 1.02 (1+i) 0.485947396 (1+i)n-1 526.7669772 R [ (1+i)n – 1] 0.006579138 1- (1+i) -1/3 Maturity Amount (M) 80066.26248 Hope its helpful to most of us. Regards, Ratnesh

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