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The formula of the recurring deposit account is; ( if amount is calculated quarterly)

M = R[(1+i)^n – 1] / [1 – (1+i) ^ (-1/3)]

M = maturity value

R = monthly installment

i = rate of interest / 400

n = number of quarters

The formula of the recurring deposit account is; ( if amount is calculated quarterly)

M = R[(1+i)^n – 1] / [1 – (1+i) ^ (-1/3)]

M = maturity value

R = monthly installment

i = rate of interest / 400

n = number of quarters