Maturity Amount for Recurring Deposits
Hi!
I want to find the formula for getting the Maturity Amount for a recurring deposit.
My bank debits my account for $100 every month and I have this arrangement for 12 months then what would be my Maturity amount?
I know the Interest rate - 3% p.a compounded quarterly.
How can I get the total amount alongwith the interest for periodic payments for a given period?
for example I am paying $100/- per month for 12 months and the bank is offering interest rate of 3% per annum.
What amount i would get from the bank at the end of 12th month?
I need the simple formula.
Analogy :
Like Profit = Selling Price - Cost Price.
and then something in Excel...
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