July 2017 edition
On page 15.14, Illustration 3 - part (iii)
How has the interest of 10,400 on recurring deposit been calculated ?
Please provide the formula....
| Month | Amount invested per month | Rate of Interest | No of months outstanding | Interest=ExFxG/12 |
| apr | 20,000.00 | 8% | 12 | 1,600.00 |
| may | 20,000.00 | 8% | 11 | 1,466.67 |
| jun | 20,000.00 | 8% | 10 | 1,333.33 |
| jul | 20,000.00 | 8% | 9 | 1,200.00 |
| aug | 20,000.00 | 8% | 8 | 1,066.67 |
| sep | 20,000.00 | 8% | 7 | 933.33 |
| oct | 20,000.00 | 8% | 6 | 800.00 |
| nov | 20,000.00 | 8% | 5 | 666.67 |
| dec | 20,000.00 | 8% | 4 | 533.33 |
| jan | 20,000.00 | 8% | 3 | 400.00 |
| feb | 20,000.00 | 8% | 2 | 266.67 |
| mar | 20,000.00 | 8% | 1 | 133.33 |
| 10,400.00 |
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