Any one help how to calculate the future value for the given data
Amount = 1,00,000
Interest = 0.016%
Period = 365 Days
Help me Please.
L. MuthuKumaran (Income Tax Consultant) (53 Points)
04 April 2009Any one help how to calculate the future value for the given data
Amount = 1,00,000
Interest = 0.016%
Period = 365 Days
Help me Please.
L. MuthuKumaran
(Income Tax Consultant)
(53 Points)
Replied 04 April 2009
| Originally posted by :L. MuthuKumaran | ||
| " | Any one help how to calculate the future value for the given data Amount = 1,00,000 Interest = 0.016% Period = 365 Days Help me Please. |
" |
CA.Sridevi
(Partner)
(878 Points)
Replied 05 April 2009
FV = PV * (1 + r)^n
In this case,
FV = 100000* (1+0.016)^1
FV = Rs.101600
n = No of years ( 365 days equals to one year)
tanuja...........
(pcc student)
(571 Points)
Replied 06 April 2009
sridevi is cent% right... keep it up yaar
L. MuthuKumaran
(Income Tax Consultant)
(53 Points)
Replied 06 April 2009
Thanks Sridevi.
Please note that actual question is " Calculate the Amount if Rs,1 lac is invested for 1 year at 6% compounded daily."
Please help me to solve this.
v@m$h!
(CA - Final and CS - Final)
(1473 Points)
Replied 07 April 2009
see first we should have compound daily interest tables
here r = 6% or 0.06
pv = 100000
m = 360 = no. of compoundings per year
FV = PV*(1+r/m)^n.m ( because it is non annual compounding)
FV = 100000*(1+0.06/360)^1*360
but according to the table if r = 6% and n=1 and it is compounded daily (360 days)
then the compounding factor is 1.0618
there fore, FV = 100000*1.0618 =Rs.106180
i am attatching compounding value daily tables. Plz find the same
bye
v@m$h!
(CA - Final and CS - Final)
(1473 Points)
Replied 07 April 2009
if u have any doubts in the above solution mail me to mvsvamshi88 @ gmail.com
tanuja...........
(pcc student)
(571 Points)
Replied 07 April 2009
ur way of explanation is very good.... and thanks 4 attachment.. it is usefull too all
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