Administration and Executive AssistantTier 525 minadvanced

NPER: How Long to Reach a Savings Goal

Calculate how many months of saving it takes to reach a target, handling the sign convention correctly.

What you will learn

• Use NPER to find the number of periods needed to reach a savings target
• Apply a consistent sign convention between the deposit and the target
• Convert an annual interest rate to a monthly rate before using it in NPER

Excel skills

NPER · Savings and Growth

The task

Ten savers each have a monthly deposit amount and a target. Work out how many months it will take each of them to reach their target, given the interest rate their savings earn. Keep the deposit and the target on a consistent footing - one of them represents money going in, the other represents the pile it needs to become.

You work in a real spreadsheet in your browser, and your answer is checked against hidden traps the moment you submit.

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