# FV

The **FV** function returns the future value of an investment.

Use the **FV** function to calculate the future value of an investment, assuming periodic, constant payments with a constant interest rate. You can also use it for the future value of single lump sum payment.

### Syntax

```
FV(rate, nperiods, pmt, [pv], [type])
```

|                                                                                                                            |                                                                                                                                                                                                    |
| -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| rate                                                                                                                       | The interest rate per period.                                                                                                                                                                      |
| nperiods                                                                                                                   | The total number of payment periods.                                                                                                                                                               |
| pmt                                                                                                                        | The payment made each period. If this is a deposit into savings or similar investment, the value must be negative. For cash received, such as income or dividends, payment value must be positive. |
| pv                                                                                                                         | <p>                                                                                                                                                                                                |
| <br>(Optional) The present value of future payments. If omitted, assumed to be zero. Must be entered as a negative number. |                                                                                                                                                                                                    |
| <br>Default is 0.</p>                                                                                                      |                                                                                                                                                                                                    |
| type                                                                                                                       | <p>                                                                                                                                                                                                |
| <br>(Optional) When payments are due:                                                                                      |                                                                                                                                                                                                    |
| <br>0                                                                                                                      |                                                                                                                                                                                                    |
| End of period                                                                                                              |                                                                                                                                                                                                    |
| <br>1                                                                                                                      |                                                                                                                                                                                                    |
| Beginning of period                                                                                                        |                                                                                                                                                                                                    |
| <br>Default is 0</p>                                                                                                       |                                                                                                                                                                                                    |

### Notes

* Be consistent with the units for **rate** and **nperiods** arguments. If you make monthly payments on a two-year loan at an annual interest rate of 7%, use the **rate** calculation of 0.07/12 and **nperiods** calculation of 2\*12. For annual payments on the same loan, use the **rate** of 0.07 and **nperiods** of 2.

### Example

```
FV(0.1/12, 5*12, -1000)
```

The future value of a 5-year loan with an annual interest of 10%, and monthly payments of $1,000 is $77,437.07.

```
FV(0.1/4, 5*4, -3000)
```

The future value of a 5-year loan with an annual interest of 10%, and quarterly payments of $3,000 is $76,633.97.

```
FV(0.1, 5, -12000)
```

The future value of a 5-year loan with an annual interest of 10%, and annual payments of $12,000 is $73,261.20.