Interest calculation

This query is : Resolved

Report Abuse Follow Query Ask a Query

jansirani

jansirani (Querist)
Follow

26 June 2012 50000 invested on 2march for 5 years and interest rate is 9.25% the interest should get 78985 solve this

DIVYA MITTAL

DIVYA MITTAL (Expert)
Follow

27 June 2012 From ist year 2nd march -1Mar =50000*9.25%=4625 total payments in ist year=50000+4625=54625.

2nd year-54625*9.25%=5053 then payment=54625+5053=59678

3rd year=59678*9.25%=5520,then payment=59678+5520=65198

4th year=65198*9.25%=6031 then payment is=65198+6031=71229

5th year=71229*9.25%=6589,then payment after 5 years=71229+6589=77818 this is my view if the case of compounding interest.