# The Excel PDURATION Function

Pduration Calculation

The Excel Pduration function uses the following calculation to calculate the number of periods required for an investment to reach a specified value: where,

• pv is the present value of the investment;
• fv is the required future value of the investment;
• rate is the rate of interest per period.

## Function Description

The Excel Pduration function calculates the number of periods required for an investment to reach a specified future value.

Note: the Pduration function was only introduced in Excel 2013 and so is not available in earlier versions of Excel.

The syntax of the function is:

PDURATION( rate, pv, fv )

Where the arguments are as follows:

 rate - The interest rate, per period. pv - The present value of the investment. fv - The required future value of the investment.

## Pduration Function Example

The following spreadsheet shows the Excel Pduration function used to calculate the number of years required for an investment of \$10,000, earning interest of 4% per year, to reach a value of \$15,000.

Formula:
A
1Number of years required for
\$10,000 to reach a value of \$15,000
at an interest rate of 4% per year:
2=PDURATION( 4%, 10000, 15000 )
Result:
A
1Number of years required for
\$10,000 to reach a value of \$15,000
at an interest rate of 4% per year:
210.33803507

With these parameters, the Excel Pduration function returns the value 10.33803507.

I.e. it would take 10.34 years for an investment of \$10,000, earning interest of 4% per year, to reach a value of \$15,000.

Further examples of the Excel Pduration function are provided on the Microsoft Office website.

## PDuration Function Errors

If you get an error from the Pduration function, this is likely to be one of the following:

Common Errors
 #NUM! - Occurs if any of the supplied arguments are zero or negative. #VALUE! - Occurs if any of the supplied arguments are non-numeric.