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# FV

The **FV** function returns the future value of an investment.

Use the **FV** function to calculate the future value of an investment, assuming periodic, constant payments with a constant interest rate. You can also use it for the future value of single lump sum payment.

**FV** is part of the set of financial functions that Sigma supports.

## Syntax

```
FV(rate, nperiods, pmt, [pv], [type])
```

<dl>
  <dt>
    rate
  </dt>

  <dd>
    The interest rate per period.
  </dd>

  <dt>
    nperiods
  </dt>

  <dd>
    The total number of payment periods.
  </dd>

  <dt>
    pmt
  </dt>

  <dd>
    The payment made each period.
  </dd>

  <dd>
    If this is a deposit into savings or similar investment, the value must be negative. For cash received, such as income or dividends, payment value must be positive.
  </dd>

  <dt>
    pv
  </dt>

  <dd>
    Optional.
  </dd>

  <dd>
    The present value of future payments. If omitted, assumed to be zero. Must be entered as a negative number.
  </dd>

  <dd>
    Default is 0.
  </dd>

  <dt>
    type
  </dt>

  <dd>
    Optional.
  </dd>

  <dd>
    When payments are due:

    <dl><dt>0</dt><dd>End of period</dd><dt>1</dt><dd>Beginning of period</dd></dl>
  </dd>

  <dd>
    Default is 0.
  </dd>
</dl>

## Notes

* Be consistent with the units for **rate** and **nperiods** arguments. If you make monthly payments on a two-year loan at an annual interest rate of 7%, use the **rate** calculation of 0.07/12 and **nperiods** calculation of 2\*12. For annual payments on the same loan, use the **rate** of 0.07 and **nperiods** of 2.

## Example

```
FV(0.1/12, 5*12, -1000)
```

The future value of a 5-year loan with an annual interest of 10%, and monthly payments of \$1,000 is \$77,437.07.

```
FV(0.1/4, 5*4, -3000)
```

The future value of a 5-year loan with an annual interest of 10%, and quarterly payments of \$3,000 is \$76,633.97.

```
FV(0.1, 5, -12000)
```

The future value of a 5-year loan with an annual interest of 10%, and annual payments of \$12,000 is \$73,261.20.

## Related resources

* [PV](/docs/pv)
* [Pmt](/docs/pmt)
* [NPer](/docs/nper)
* <a href="https://support.microsoft.com/en-us/office/fv-function-2eef9f44-a084-4c61-bdd8-4fe4bb1b71b3" target="_blank" rel="noopener noreferrer">
    FV function in Microsoft documentation
  </a>