MS Excel: FV Function (WS, VBA)

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

Syntax

The syntax for the FV function is:

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

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:

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

Applies To

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

Type of Function

• Worksheet function (WS)
• VBA function (VBA)

Worksheet Function Example

Let's take a look at an example to how you would use the FV function in a worksheet:

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)

VBA Function Example

The FV function can also be used in VBA code. For example:

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