Hello everyone, I am currently looking at JIRA ticket: 1964 <https://issues.apache.org/jira/browse/FINERACT-1964>.
Can anyone please tell me, What formula are we using to calculate maturity amount? I used this formula (Src- ICICI bank's website <https://www.icicihfc.com/knowledge-hub/know-how-fixed-deposit-interest-rate-is-calculated> ): Maturity amount = P* ((1+ r/n) ^nt)) Where - *A* denotes the future valuation of the investment made *P* denotes the Principal amount *r* denotes the interest rate *n* denotes the number of times interest gets compounded per period *t* denotes the time period the money was invested for But by using this formula (10000*(1+(0.05/12))^12) I am getting a maturity amount of 10,511.6 and not 10,512.5 Please suggest. Thanks, Uddyan
