Finding FD
| Invested for | Years: 1 Months: 0 Days: 0 |
| Rate | 5% per annum |
| Principal | 1,000.00 |
| Interest | 50.95 |
| Amount | 1,050.95 |
| Effective Yield | 5.09% |
| Invested for | Years: 1 Months: 0 Days: 0 |
| Rate | 5% per annum |
| Principal | 1,000.00 |
| Interest | 50.00 |
| Amount | 1,050.00 |
| Effective Yield | 5.00% |
| Invested for | Years: 1 Months: 0 Days: 0 |
| Rate | 5% per annum |
| Principal | 1,000.00 |
| Interest | 50.63 |
| Amount | 1,050.63 |
| Effective Yield | 5.06% |
| Invested for | Years: 1 Months: 0 Days: 0 |
| Rate | 5% per annum |
| Principal | 1,000.00 |
| Interest | 50.95 |
| Amount | 1,050.95 |
| Effective Yield | 5.09% |
| Invested for | Years: 1 Months: 0 Days: 0 |
| Rate | 5% per annum |
| Principal | 1,000.00 |
| Interest | 51.16 |
| Amount | 1,051.16 |
| Effective Yield | 5.12% |
Fixed Deposit is a financial instrument provided by banks that provides relatively higher return than savings account.
Formula
A = P(1 + r/n)nt
CI = A - P
Where,
CI = Compound Interest
A = Amount
P = Principal
r = Interest rate
n = Number of times interest is applied per time period
t = Number of time period