Interest on Recurring Deposit formula

This query is : Resolved

Deepak Agrawal (Querist)
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28 December 2008 Dear Friends,

Let me know the formula for calculating interest on recurring deposit.

For example:
If i deposit Rs.2000 per month for 10 years, what would be my interest after 10years @ 15% interest interst.

Let me know the formula for the same.

K V Subba Rao

K V Subba Rao (Expert)
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28 December 2008 Maturity amount is Rs 551048 for the following:

Monthly deposit Rs 2000
Period: 120 Months
Frequency of compounding: Quarterly
Rate of Interest: 15%

I found out Maturity Value with the help of Calculator provided by https://www.corpbanknet.com/

Anyway, please inform who is paying 15 %. I am a retiree; so I am interested in knowing sources who are prepared to pay 15% interest.