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Very nice explanation, rkg.

It is unfortunate that many people are not very enthusiastic or inclined to learn about such calculations under the pretext that they are weak in maths.

Come on, it is your money, and you must know the math needed to deal with your money. The fact that many people get nervous with such calculation makes them sitting ducks when faced with smooth talking representatives of private banks.Ignorance, as always costs you.And I must say that it may make you a bonded labourer of private banks, if you do not do these calculations yourself and confront the bank representative, asking him the basis of his calculations.

In case you are well versed with the calculations, the smooth smile and glib talk will be wiped off his face to be replaced by fumbling responses. So please make an effort to learn about such calculations and ask questions which the unscrupulous bank representatives cannot reply.

And it is just arithmatic, nothing advanced.