Compounding Interest Formula Help Wanted

[rawwebdesign]

Hi Everyone,

Basically, I'm looking for a formula that can calculate:

"at 4% interest per year, how many monthly payments of $957 will it take to get to $1,139,000 assuming a starting amount of $60,090"

Does anyone have any experience with this? If so, I'd be greatly appreciative!

Thanks,
Brad

[martindwilson]

well nper should calculate it but
@4% i think its to big a number to calculate

http://www.accountingweb.com/article...ng-nper/221766

[rawwebdesign]

Thanks, I think I need to clarify the question a bit more.

NPER looks like it would work if I were paying down a loan of $1,139,000. However, I'm trying to figure out how long it would take to SAVE UP $1,139,000. So the rephrased question is...

"At 4% interest per year, how many months of saving $957/month will it take to save $1,139,000 assuming a starting amount of $60,090"

Thanks again!
-Brad

[shg]

=nper(4%/12, -957, -60970, 1139000) ~ 424 months

[rawwebdesign]

Just wanted to say this worked perfectly and thanks so much!

[shg]

You're welcome.