Calculate fd income(cumulative)
Wae Jing Lonthaw (Others) (341 Points)
11 April 2015Wae Jing Lonthaw (Others) (341 Points)
11 April 2015
Shishir Nayak
((Expert))
(369 Points)
Replied 11 April 2015
Compound interest arises when interest is added to the principal so that from that moment on, the interest that has been added also itself earns interest. This addition of interest to the principal is called compounding.
The following formula gives you the total amount one will get if compounding is done:-
Where,
[To arrive at the interest amount you can further use the formula Interest = A - P ]
If You still in confusion than give me below four info.. I ll tell you the maturity amount and effective yield rate.
PRINCIPAL AMOUNT
PERIOD OF FIXED DEPOSIT IN YEARS
RATE OF INTEREST
FREQUENCY OF COMPOUNDING
Wae Jing Lonthaw
(Others)
(341 Points)
Replied 24 April 2015
Is it possible for me to get Statement from Bank regarding the Interest Distributed for my FD's during the financial Year? Is this statement available online from Traces website or the bank's website?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)