Financial
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=FV()
FV, one of the financial functions, calculates the future value of an investment based on a constant interest rate. You can use FV with either periodic, constant payments, or a single lump sum payment.
Applies To:
Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016
=FV(rate,nper,pmt,[pv],[type])
Hover argument names in the table for details.
Output typeNumber
Popularity45 / 100
VolatileNo
Dynamic ArrayNo
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◧ Arguments
| Argument | Type | Required | Description |
|---|---|---|---|
rate |
Number | Required | The interest rate per period. |
nper |
Number | Required | The total number of payment periods in an annuity. |
pmt |
Number | Required | The payment made each period; it cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes. If pmt is omitted, you must include the pv argument. |
pv |
Number | Optional | The present value, or the lump-sum amount that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero), and you must include the pmt argument. |
type |
Number | Optional | The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0. 0 = At the end of the period; 1 = At the beginning of the period. |
▣ Examples
▦ Data
| Cell | Value | Description |
|---|---|---|
A2 |
0.06 | Annual interest rate |
A3 |
10 | Number of payments |
A4 |
-200 | Amount of the payment |
A5 |
-500 | Present value |
A6 |
1 | Payment is due at the beginning of the period (0 indicates payment is due at end of period) |
A7 |
0.12 | Annual interest rate |
A8 |
12 | Number of payments |
A9 |
-1000 | Amount of the payment |
A10 |
0.11 | Annual interest rate |
A11 |
35 | Number of payments |
A12 |
-2000 | Amount of the payment |
A13 |
1 | Payment is due at the beginning of the year (0 indicates end of year) |
A14 |
0.06 | Annual interest rate |
A15 |
12 | Number of payments |
A16 |
-100 | Amount of the payment |
A17 |
-1000 | Present value |
A18 |
1 | Payment is due at the beginning of the year (0 indicates end of year) |
A19 |
0.06 | Annual interest rate |
A20 |
10 | Number of payments |
A21 |
-200 | Amount of the payment |
A22 |
-500 | Present value |
A23 |
1 | Payment is due at the beginning of the period (0 indicates payment is due at end of period) |
A24 |
0.12 | Annual interest rate |
A25 |
12 | Number of payments |
A26 |
-1000 | Amount of the payment |
A27 |
0.11 | Annual interest rate |
A28 |
35 | Number of payments |
A29 |
-2000 | Amount of the payment |
A30 |
1 | Payment is due at the beginning of the year (0 indicates end of year) |
A31 |
0.06 | Annual interest rate |
A32 |
12 | Number of payments |
A33 |
-100 | Amount of the payment |
A34 |
-1000 | Present value |
A35 |
1 | Payment is due at the beginning of the year (0 indicates end of year) |
Future value of an investment using the terms in A2:A5.
=FV(A2/12, A3, A4, A5, A6)
Result:
$2,581.40
Future value of an investment using the terms in A2:A4.
=FV(A2/12, A3, A4)
Result:
$12,682.50
Future value of an investment with the terms in cells A2:A4
=FV(A2/12, A3, A4,, A5)
Result:
$82,846.25
§ Remarks
- Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at 12 percent annual interest, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.
- For all the arguments, cash you pay out, such as deposits to savings, is represented by negative numbers; cash you receive, such as dividend checks, is represented by positive numbers.
✦ Tips
- Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a four-year loan at 12 percent annual interest, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.
- For all the arguments, cash you pay out, such as deposits to savings, is represented by negative numbers; cash you receive, such as dividend checks, is represented by positive numbers.
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