I have seen many SIP calculator online. I noticed there are 2 different return value for same input.
For example:
Investment = 5000 | Duration = 1 year | Frequency = Monthly | Expect return = 12
Result on
Mutual Fund Shai hai - Mutual Fund Calculators - Calculate Mutual Funds Returns Online = 63,412.52
Axis Bank = 63,413
ICICI Direct - SIP Return Calculator - Mutual Funds Returns Calculator | ICICI Prudential MF = 64,047
HDFC = 64.047
I know mutualfundssahihai is the official website for the mutual funds in India, so there calculation will be correct.
However the formula for compounding interest is
FV = P * ( R * ( 1+i )n -1 ) * ( 1 + i )
---------------------------------------------
i
which returns 64.047.
So I am stuck in my calculation. Can anyone help me to figure out right formula or right calculation for SIP