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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. Last edited by raith99 : May 10th 13 at 06:25 PM Reason: Solved |
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