A deposits Rs 10000 in a bank that pays interest @ 7% p.a. compounded monthly. What is the amount that he will get after 1 year? If the bank pays simple interest @1% p.m., what will be the amount received by A after 1 year?
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Compound Interest Calculator: Calculate the Power of Compounding in your Investments
With compound interest, the interest that you earn increases with the increase in your investment (monthly/quarterly/semi-annual/or annual investment plus the interest that you are earning on this investment). This calculator will help you calculate the worth of your investment after a set number of monthly investments or even a single, initial investment, based on the interest accrued on the invested amount.
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