# FV Function

**Visual Studio .NET 2003**

Returns a **Double** specifying the future value of an annuity based on periodic, fixed payments and a fixed interest rate.

Function FV( _ ByVal Rate As Double, _ ByVal NPer As Double, _ ByVal Pmt As Double, _ Optional ByVal PV As Double = 0, _ Optional ByVal Due As DueDate = DueDate.EndOfPeriod _ ) As Double

#### Parameters

*Rate*- Required.
**Double**specifying interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083. *NPer*- Required.
**Double**specifying total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has a total of 4 * 12 (or 48) payment periods. *Pmt*- Required.
**Double**specifying payment to be made each period. Payments usually contain principal and interest that doesn't change over the life of the annuity. *PV*- Optional.
**Double**specifying present value (or lump sum) of a series of future payments. For example, when you borrow money to buy a car, the loan amount is the present value to the lender of the monthly car payments you will make. If omitted, 0 is assumed. *Due*- Optional. Object of type
`Microsoft.VisualBasic.DueDate`

that specifies when payments are due. This argument must be either`DueDate.EndOfPeriod`

if payments are due at the end of the payment period, or`DueDate.BegOfPeriod`

if payments are due at the beginning of the period. If omitted,`DueDate.EndOfPeriod`

is assumed.

#### Remarks

An annuity is a series of fixed cash payments made over a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan).

The *Rate* and *NPer* arguments must be calculated using payment periods expressed in the same units. For example, if *Rate* is calculated using months, *NPer* must also be calculated using months.

For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.

#### Example

This example uses the **FV** function to return the future value of an investment given the percentage rate that accrues per period (`APR / 12`

), the total number of payments (`TotPmts`

), the payment (`Payment`

), the current value of the investment (`PVal`

), and a number that indicates whether the payment is made at the beginning or end of the payment period (`PayType`

). Note that because `Payment`

represents cash paid out, it is a negative number.

Sub TestFV() Dim Fmt As String Dim TotPmts As Integer Dim Payment, APR, PVal, Fval As Double Dim PayType As DueDate Dim Response As MsgBoxResult Fmt = "###,###,##0.00" ' Define money format. Payment = CDbl(InputBox("How much do you plan to save each month?")) APR = CDbl(InputBox("Enter the expected interest annual percentage rate.")) If APR > 1 Then APR = APR / 100 ' Ensure proper form. TotPmts = CInt(InputBox("For how many months do you expect to save?")) Response = MsgBox("Do you make payments at the end of month?", MsgBoxStyle.YesNo) If Response = MsgBoxResult.No Then PayType = DueDate.BegOfPeriod Else PayType = DueDate.EndOfPeriod End If PVal = CDbl(InputBox("How much is in this savings account now?")) Fval = FV(APR / 12, TotPmts, -Payment, -PVal, PayType) MsgBox("Your savings will be worth " & Format(Fval, Fmt) & ".") End Sub

#### Requirements

**Namespace:** **Microsoft.VisualBasic**

**Module:** **Financial**

**Assembly:** Microsoft Visual Basic .NET Runtime (in Microsoft.VisualBasic.dll)

#### See Also

DDB Function | IPmt Function | IRR Function | MIRR Function | NPer Function | NPV Function | Pmt Function | PPmt Function | PV Function | Rate Function | SLN Function | SYD Function