Term

Returns the number of periods needed to reach a given future value from periodic constant payments into an interest bearing account.

Note: Interest rate calculation methods differ from country to country. This function calculates an interest rate based on U.S. interest rate standards.

Syntax

Term(n1, n2, n3)

Parameters

Parameter	Description
`n1`	A numeric value or expression representing the payment amount made at the end of each period.
`n2`	A numeric value or expression representing the interest rate per period of the investment.
`n3`	A numeric value or expression representing the future value of the investment.

The function returns an error if any parameter is negative or 0. If any parameter is null, the function returns null.

Note: FormCalc follows the IEEE-754 international standard when handling floating point numeric values. For more information, see Number literals.

Examples

The following expressions are examples that use the Term function:

Expression	Returns
`Term(475, .05, 1500)`	`3.00477517728` (or roughly 3), which is the number of periods needed to grow a payment of $475 into $1500, with an interest rate of 5% per period.
`Term(2500, 0.0275 + 0.0025, 5000)`	`1.97128786369`, which is the number of periods needed to grow payments of $2500 into $5000, with an interest rate of 3% per period.
`Rate(Inv_Value[0], Int_Rate + 0.0050, Target_Value)`	This example uses variables in place of actual numeric values or expressions. In this case, the first occurrence of the variable `Inv_Value` is used as the payment amount, half a percentage point is added to the variable `Int_Rate` to use as the interest rate, and the variable `Target_Value` is used as the future value of the investment.