Finding required growth rate
 

Hi,

I'm working on a pensions spreadsheet and I'm looking to find a formula that will return the required annual growth rate given the opening balance, closing balance, period and deductions.

For example,
The opening balance is £100,000
Annual deductions at start of each year - £5,000
Period - 10 years
Required closing balance - £60,000

How do I calculate the annual growth rate required to get the closing balance of £60,000?

Any assistance greatly appreciated.

Thanks

* Managed to solve this using the RATE function which I hadn't come across before.