# MS Excel: FV Function (WS, VBA)

Learn how to use the Excel **FV function** with syntax and examples.

## Description

The Microsoft Excel **FV function** returns the future value of an investment based on an interest rate and a constant payment schedule.

## Syntax

The syntax for the Microsoft Excel **FV function** is:

FV( interest_rate, number_payments, payment, [PV], [Type] )

### Parameters or Arguments

*interest_rate* is the interest rate for the investment.

*number_payments* is the number of payments for the annuity.

*payment* is the amount of the payment made each period.

*PV* is optional. It is the present value of the payments. If this parameter is omitted, the **FV function** assumes *PV* to be 0.

*Type* is optional. It indicates when the payments are due. *Type* can be one of the following values:

Value | Explanation |
---|---|

0 | Payments are due at the end of the period. (default) |

1 | Payments are due at the beginning of the period. |

If the *Type* parameter is omitted, the **FV function** assumes a *Type* value of 0.

## Applies To

The **FV function** can be used in the following versions of Microsoft Excel:

- Excel 2013, Excel 2011 for Mac, Excel 2010, Excel 2007, Excel 2003, Excel XP, Excel 2000

## Type of Excel Function

The **FV function** can be used in Microsoft Excel as the following type of function:

- Worksheet function (WS)
- VBA function (VBA)

## Example (as Worksheet Function)

Let's look at an example to how you would use the **FV examples** and explore how to use the **FV function** as a worksheet function in Microsoft Excel:

This first example returns the future value of an investment where you deposit $5,000 into a savings account that earns 7.5% annually. You are going to deposit $250 at the beginning of the month, each month, for 2 years.

=FV(7.5%/12, 2*12, -250, -5000, 1)

This next example returns the future value of an investment where you deposit $8,000 into a savings account that earns 6% annually. You are going to deposit $50 at the end of the week, each week, for 4 years.

=FV(6%/52, 4*52, -50, -8000, 0)

This next example returns the future value of an investment where you deposit $6,500 into a savings account that earns 5.25% annually. You are going to deposit $100 at the end of the year, each year, for 10 years.

=FV(5.25%/1, 10*1, -100, -6500, 0)

## Example (as VBA Function)

The **FV function** can also be used in VBA code in Microsoft Excel.

Let's look at some Excel FV function examples and explore how to use the **FV function** in Excel VBA code:

Dim LValue As Currency LValue = FV(0.0525/1, 10*1, -100, -6500, 0)

In this example, the variable called LValue would now contain the value of $12,115.19