Question

Ritu nets 34960 after 5 years how much money should she deposit every month in RD .? account to get required money after 5 years rate of interest being 8%​

Answer 1

= FV(Rate,Nper,Pmt,Pv,Type)

Modified Rate of Interest: The interest rate in Recurring Deposits (in this case case of 8.75%) is compounded on quarterly basis. Whereas FV is calculated on monthly basis because we are making monthly deposits.So we cannot directly put the standard bank rate into the above formula.

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