Function problem

[Nigel Heald]

Hi

I am trying in vain to find a function within Excel 2003 that will enable us
to calculate the monthly investment required to achieve a given amount after
X number of months at a known rate of return. i.e

"How much does one need to invest monthly @ 6% per annum interest in order
to have a fund of £20,000 after 120 months"

If anybody can point me in the right direction I would be very grateful

Thanks in advance

Nige


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Nigel Heald
Maurice Ricketts Associates - Independent Financial Advisors
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01752 896097. Fax 01752 897028. Mobile 07770 590788
www.mrauk.co.uk
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[JE McGimpsey]

One way:

=PMT(6%/12, 120, 0, 20000)

which returns -122.04