Syntax 
Fv(Rate, Nper, Pmt,Pv,Due) 

Description 
Calculates the future value of an annuity based on periodic fixed payments and a constant rate of interest. 

Comments 
An annuity is a series of fixed payments made to an insurance company or other investment company over a period of time. Examples of annuities are mortgages and monthly savings plans. The Fv function requires the following parameters: 


Parameter 
Description 

Rate 
Double representing the interest rate per period. Make sure that annual rates are normalized for monthly periods (divided by 12). 

NPer 
Double representing the total number of payments (periods) in the annuity. 

Pmt 
Double representing the amount of each payment per period. Payments are entered as negative values, whereas receipts are entered as positive values. 

Pv 
Double representing the present value of your annuity. In the case of a loan, the present value would be the amount of the loan, whereas in the case of a retirement annuity, the present value would be the amount of the fund. 

Due 
Integer indicating when payments are due for each payment period. A 0 specifies payment at the end of each period, whereas a 1 indicates payment at the start of each period. 

Rate and NPer values must be expressed in the same units. If Rate is expressed as a percentage per month, then NPer must also be expressed in months. If Rate is an annual rate, then the NPer must also be given in years. Positive numbers represent cash received, whereas negative numbers represent cash paid out. 

Example 
This example calculates the future value of 100 dollars paid periodically for a period of 10 years (120 months) at a rate of 10% per year (or .10/12 per month) with payments made on the first of the month. The value is displayed in a dialog box. Note that payments are negative values. Sub Main() 

See Also 
IRR (function); MIRR (function); Npv (function); Pv (function). 
F 