I googled and googled and couldn't' find a formula to solve for how long (Years) it takes to reach a savings goal. I wanted this for my retirement Excel spreadsheet. Given current principle, interest, annual contribution, and future value.
I found the FV formula...
FutureValue= Principal(1+Rate)^Years + Contribution [((1-Rate)^Years)-1]/Rate
So I broke out my pen, paper and did the algebra....
Years =Log Base [1+R] of [(C+R*FV)/(R*P+C)]
Just posting for anyone who might find it useful for their excel's.
I found the FV formula...
FutureValue= Principal(1+Rate)^Years + Contribution [((1-Rate)^Years)-1]/Rate
So I broke out my pen, paper and did the algebra....
Years =Log Base [1+R] of [(C+R*FV)/(R*P+C)]
Just posting for anyone who might find it useful for their excel's.
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