September 2006
Beginner to intermediate
397 pages
13h 15m
English
Content preview from Microsoft Excel Functions & Formulas
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Use the FV function to calculate total savings
account balance
In this example you want to save money for five months. The inter-
est rate is 3.5%. Every month you deposit $500 at the bank. How
much money is in your bank account after five months? This ques-
tion can be answered by using the FV function. It returns the future
value of an investment based on periodic, constant payments and a
constant interest rate.
FV(rate, nper, pmt, pv, type)
rate: The interest rate per period.
nper: The total number of payment periods in an annuity.
pmt: The payment made each period, which is a constant value.
pv: The present value. This is the amount that a series of ...
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