I have two formula to calculate compound interest if period is t years and m months.
$$CI =P(1+\frac{R}{100})^T [1+\frac{mR}{1200}] $$ and
$CI=P(1+\frac{R}{100})^T$
Now I have a question where Principal amount is 15000, R = 6% and Time is 2 year and 4 months
From Formula (1), I get 17191.08 as my compound amount.
But form second formula using $T=2+\frac{4}{12}=7/3$ years
I get 17184.5 as compound amount. There is difference of 6.58 between two answer.
Why aren't both the answers the same and what is wrong here ?