Is recurring deposit calculated using simple interest or compound interest? Please tell i have my boards tomorrow
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Yes, the interest paid on RDs is compounded quarterly. For calculation of simple interest, which formula is used? The formula used for calculation of simple interest is I = P x R x T where 'I' stands for Interest, 'p' stands for principal, 'r' stands for annual interest rate, and 't' stands for tenure of the deposit.
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