The interest rate may contain max two digits after its decimal point.
The interest rate entered may contain a comma (,) or point (.) as a decimal point separator.
Correct entered interest rates
5.25
5,25
4
Incorrect entered interest rates
5.041
The nominal annual interest rate (R) (as a decimal, not in percentage):
| FV | = | (1 + (R / N))N * T - 1 |
| PMT | R / N |
where:
FV = Future value
R = Nominal interest rate per year (as a decimal, not in percentage)
T = Time period in years
N = Number of compounding periods in one year
PMT = Periodic payment amount, paid at the end of each payment period
Note:
Keep substituting different values for R until we get successively closer to the desired value
of FV / PMT.