dear sir,i want to know the recurring deposit formula.?

Question

i want to deposit rs 100/per month for 2 years the bank inntrest rate is 5% How much i get after 2 years.formula of calculation is required.

Answer 1

First month int is P
Second month it is P+P(im)
Third month it is P+P(im)+P(im)^2

And so on

In general it is a P times SUM [(im)^(i-1)] from 1 to 24

im=.05/12 (monthly interest)
P= $100 (monthly deposit)
I - month (1 to 24 month)

Answer 2

a(t) = (1+r/n)^n.t. Compounding interest formula.