maturity value mv = 10148.75
n number of years= 4 1/2
rate=11%
find the interest and principle amount . this is for an recurring deposit account
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Step-by-step explanation:
The formula used for arriving at the maturity value of a recurring deposit over a certain period at a certain interest rate is:
In case of recurring deposits, the compounding happens on quarterly basis.
The formula is: A = P*(1+R/N)^(Nt)
Here, A is the maturity amount in Rs., the recurring deposit amount is 'P' in Rs., 'N' is the compounding frequency, interest rate R in percentage and 't' is the tenure.
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