You can use the ‘PMT function’ in Excel to find out how much monthly investment is required to become a crorepati. You can go to ‘Formulas’ and ‘insert functions’ and select ‘PMT’ from the drop-down list. A formula input sheet will open.
Next, you can add the assumed rate of return on investment as the rate. Since we are looking for monthly investments, we will divide the rate by 12. Nper or the number of instalments can be found out by multiplying 30 years with 12. We have assumed a fresh start so, present value is zero. If you already have some savings towards becoming a crorepati, you can mention it as PV. Next, is future value. This has to be your target amount. We put Rs 1 crore here. The last input field is whether you will invest in the beginning of the month or towards the end. We have assumed the investment at the beginning of the month so, put 1.
Press OK and you get the result. You need to invest Rs 2,833 per month to become a crorepati in 30 years.
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