FV function
This article describes the formula syntax and usage of the FVfunction in Microsoft Excel.
Description
Returns the future value of an investment based on periodic, constant payments and a constant interest rate.
Syntax
FV(rate,nper,pmt,[pv],[type])
For a more complete description of the arguments in FV and for more information on annuity functions, see PV.
The FV function syntax has the following arguments:

Rate Required. The interest rate per period.

Nper Required. The total number of payment periods in an annuity.

Pmt 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 Optional. The present value, or the lumpsum 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 Optional. The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
Set type equal to 
If payments are due 
0 
At the end of the period 
1 
At the beginning of the period 
Remarks

Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a fouryear 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.
Examples
Example 1
The example may be easier to understand if you copy it to a blank worksheet.
How do I copy an example?

Select the example in this article.
Important Do not select the row or column headers.
Selecting an example from Help

Press CTRL+C.

In Excel, create a blank workbook or worksheet.

In the worksheet, select cell A1, and press CTRL+V.
Important For the example to work properly, you must paste it into cell A1 of the worksheet.

To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.


Note The annual interest rate is divided by 12 because it is compounded monthly.
Example 2
The example may be easier to understand if you copy it to a blank worksheet.
How do I copy an example?

Select the example in this article.
Important Do not select the row or column headers.
Selecting an example from Help

Press CTRL+C.

In Excel, create a blank workbook or worksheet.

In the worksheet, select cell A1, and press CTRL+V.
Important For the example to work properly, you must paste it into cell A1 of the worksheet.

To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.


Note The annual interest rate is divided by 12 because it is compounded monthly.
Example 3


Note The annual interest rate is divided by 12 because it is compounded monthly.
Example 4


Note The annual interest rate is divided by 12 because it is compounded monthly.