R
Ramana Murthy
I have the following situation:
* An amount of $100 is paid into the Bank at the beginning of every month
* The amounts ($100 per month) are paid for 12 months
* The Bank offeres an interest rate of 4% per annum
* The Bank pays compounded interest - but the compounding is done quarterly.
To calculate the amount which I will get back at the end of the period (12
months), is there any financial function?
(The maturity value will be something like 1226.2321, but I don't have any
idea which function is to be used)
Regards,
Murthy
* An amount of $100 is paid into the Bank at the beginning of every month
* The amounts ($100 per month) are paid for 12 months
* The Bank offeres an interest rate of 4% per annum
* The Bank pays compounded interest - but the compounding is done quarterly.
To calculate the amount which I will get back at the end of the period (12
months), is there any financial function?
(The maturity value will be something like 1226.2321, but I don't have any
idea which function is to be used)
Regards,
Murthy