![]() Instead of number of years, if one wants to look at the interest rate that will double the amount in the original tenure of 5 years, then the ‘By changing cell’ will be B3 in the Goal Seek dialog box. Therefore, it will take 10.2 years to double the investment amount, if invested at 7% interest rate compounding annually. Or how much money should be invested today to accumulate Rs 1 lakh after 5 years at 7% interest rate. For the above example, Goal Seek can determine the number of years in which Rs 10,000 will turn into Rs 20,000 at the given 7% interest rate. It helps to do a ‘What If’ analysis and works on a trial and error basis for back-solving the problem until it arrives at the answer. Goal Seek helps to do a reverse calculation on the basis of a predefined objective and it can only be used on inbuilt or a direct formula. It provides a simple user interface and needs only three inputs. Excel provides a useful tool-Goal Seek- which helps to make such modifications. Certain adjustments are required to bring numbers in agreement with individual goals. However, standard calculations do not always work. Using the above equation, Rs 10,000 (P) invested for 5 years (n) at a 7% interest rate (r), which is compounded annually will return an FV value of Rs 14,026. FV is the future value, P is principal amount, r is the interest rate and n is the tenure (in years). There are four components in the equation. The compound interest formula is FV=P ×(1+r)^n. We would also encourage you to refer to the terms and conditions associated with your current account, credit card or personal loan.Spend P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth Newsletter The sooner you do this, the more likely it is we’ll be able to find a way to help you You think that you won’t be able to keep up with your repayments. ![]()
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