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Excel Functions

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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