FV, one of the financial functions, calculates the future value of an investment based on a constant interest rate. You can use FV with either periodic, constant payments, or a single lump sum payment.
Use the Excel Formula Coach to find the future value of a series of payments. At the same time, you'll learn how to use the FV function in a formula.
Or, use the Excel Formula Coach to find the future value of a single, lump sum payment.
Syntax
FV(rate,nper,pmt,[pv],[type])
For a more complete description of the arguments in FV and for more information on annuity functions, see PV.
The FV function syntax has the following arguments:

Rate Required. The interest rate per period.

Nper Required. The total number of payment periods in an annuity.

Pmt Required. The payment made each period; it cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes. If pmt is omitted, you must include the pv argument.

Pv Optional. The present value, or the lumpsum amount that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero), and you must include the pmt argument.

Type Optional. The number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
Set type equal to  If payments are due 

0 
At the end of the period 
1 
At the beginning of the period 
Remarks

Make sure that you are consistent about the units you use for specifying rate and nper. If you make monthly payments on a fouryear loan at 12 percent annual interest, use 12%/12 for rate and 4*12 for nper. If you make annual payments on the same loan, use 12% for rate and 4 for nper.

For all the arguments, cash you pay out, such as deposits to savings, is represented by negative numbers; cash you receive, such as dividend checks, is represented by positive numbers.
Examples
Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.
Data  Description  

0.06 
Annual interest rate 

10 
Number of payments 

200 
Amount of the payment 

500 
Present value 

1 
Payment is due at the beginning of the period (0 indicates payment is due at end of period) 

Formula 
Description 
Result 
=FV(A2/12, A3, A4, A5, A6) 
Future value of an investment using the terms in A2:A5. 
$2,581.40 
Example 2
Data  Description  

0.12 
Annual interest rate 

12 
Number of payments 

1000 
Amount of the payment 

Formula 
Description 
Result 
=FV(A2/12, A3, A4) 
Future value of an investment using the terms in A2:A4. 
$12,682.50 
Example 3
Data  Description  

0.11 
Annual interest rate 

35 
Number of payments 

2000 
Amount of the payment 

1 
Payment is due at the beginning of the year (0 indicates end of year) 

Formula 
Description 
Result 
=FV(A2/12, A3, A4,, A5) 
Future value of an investment with the terms in cells A2:A4 
$82,846.25 
Example 4
Data  Description  

0.06 
Annual interest rate 

12 
Number of payments 

100 
Amount of the payment 

1000 
Present value 

1 
Payment is due at the beginning of the year (0 indicates end of year) 

Formula 
Description 
Result 
=FV(A2/12, A3, A4, A5, A6) 
Future value of an investment using the terms in A2:A5. 
$2,301.40 