Question

What is the formula for calculating recurring deposit account?

Answer 1

Hope this will help you out!
The formula of the recurring deposit account is; ( if amount is calculated quarterly)

M = R[(1+i)^n – 1]     /     [1 – (1+i) ^ (-1/3)]

M = maturity value
R = monthly installment
i = rate of interest / 400
n = number of quarters  

Answer 2

Answer:

The formula used is A = P(1+r/n) ^ nt, where 'A' represents final amount procured, 'P' represents principal, 'r' represents annual interest rate, 'n' represents the number of times that interest has been compounded, 't' represents the tenure...