# 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])

- rate
- The interest rate per period.
- nperiods
- The total number of payment periods.
- pmt
- The payment made each period.
- 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.
- pv
- Optional.
- The present value of future payments. If omitted, assumed to be zero. Must be entered as a negative number.
- Default is 0.
- type
- Optional.
- When payments are due:
- 0
- End of period
- 1
- Beginning of period

- Default is 0.

## 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 functions

- PV
- Pmt
- NPer
- FV function in Microsoft documentation