Question

What is the best calculator to use for finance - I need to figure out at what how long an investment would take to get to a certain level (i.e. I have 25,000 saved at 2.5% interest, how long will take for me to have 300,000 saved at this rate.). Thank you in advance for any and all advise.

Ruth

Answer 1

This can can be solved by using Excel function of Nper

Nper is the function in the excel which helps you to determine number of periods peresent value to take to reach a certain specified sum at given rate of interest.

=NPER(rate,pmt,pv,fv)

where rate is rate of interest i.e 2.5%

pmt is 0 as there is no periodic payment

pv is present value i.e 25000

Note : pv should be taken as negative figure.

fv is the future value i.e 300000

=NPER(2.5%,0,-25000,300000)

Solving Number of periods is 100.6336