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Each deposit stays in account for different time period
(1+imonthly)=(1+iannual)1/12(1+i_{\text{monthly}})=(1+i_{\text{annual}})^{1/12}(1+imonthly)=(1+iannual)1/12
The entire period (all months)
1 month (or 1 period)
Geometric series
Sn=a(1−rn)1−rS_n=\frac{a(1-r^n)}{1-r}Sn=1−ra(1−rn)
Number of terms (deposits)
To maintain precision in calculation
€6895.20
€109.67
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