Help with a formula


G

Guest

Please can someone help with this formula.

I have a sum in my bank account say £100,000 and each year i take £17,000
out and get 5% interest on the remaining amount.

Can anyone point me in the direction of a formula which will give me the
resulting figure for any chosen year, i have tried the financial functions
fv, pv, pmt, ppmt etc,. If the answer is any of these, please can you help me
work out exactly what to put as i am having trouble.
 
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G

Guest

This does not give the answer for any given year, for example, i want the
answer for year 9 without having to create either a long formula or a table
of answers i believe the 'financial formula' should cover this but i can't
figure out the american terminology such as 'principle' etc
 
J

joeafro84

This does not give the answer for any given year, for example, i want the
answer for year 9 without having to create either a long formula or a table
of answers i believe the 'financial formula' should cover this but i can't
figure out the american terminology such as 'principle' etc

There's no way to do something like that without a table of some sort
as far as I know. But you could make one simply enough. If you call
the amount within the account cell A1, the amount you are removing
cell B1, then all you would need to do is create a formula that said
something like (A1-B1)*105 in cell C1 as Dave said. Then select the
whole of column C (or as much as you need) and go Edit>Fill>Down and
the formula will be copied down that column relating to each
individual row, then you can see at a glance year by year as you
requested.
 
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G

Guest

As i said, i'm convinced there is a financial formula that will do this,
something in the PV, FV, PMT type category....

I don't want a series of formulae or a table, i appreciate you answering the
question but i'm asking about is a complex excel formula, not how to auto
fill a formula which is far from complex......
 

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