To Verify the interest amount calculated for a bank deposit!

This query is : Resolved

Rajesh (Querist)
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15 January 2011 Dear Experts,
Pls. tell me which option i have to select in the Excel for verifying whether the bank has correctly calculated compound interest where the deposit period is for 500 days.
In other words pls tell me which function in the finanacial - MS Excel should be used to verify the interest amount calculated by the bank is correct or not.
With regards,
Rajesh.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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16 January 2011 There is no single formula for calculation of bank interest in excell.

You have claculate quarterly basis by multiplying the priciple amount with rate of interest.