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Excel FVSCHEDULE Function

Excel FVSCHEDULE function
Summary 

The Excel FVSCHEDULE function returns the future value of a single sum based on a schedule of given interest rates. FVSCHEDULE can be used to find the future value of an investment with a variable or adjustable rate.

Purpose 
Get future value of principal compound interest
Return value 
Future value
Syntax 
=FVSCHEDULE (principal, schedule)
Arguments 
  • principal - The initial investment sum.
  • schedule - Schedule of interest rates, provided as range or array.
Version 
Usage notes 

The FVSCHEDULE function calculates the future value of a single sum based on a schedule of interest rates. The interest rates can vary in each period. As such, FVSCHEDULE can be used to find the future value of an investment with a variable or adjustable rate.

By contrast, the FV function can also be used to find the future value of a sum based on a given interest rate, it can't handle different rates in different periods.

Example

In the example shown, an initial sum of $1000 is invested for 4 years. In each year, the rate is different as shown below:

Period Rate
Year 1 2.00%
Year 2 3.00%
Year 3 4.00%
Year 4 5.00%

In the example, the rates are entered in the range C8:C11. The formula in F5 is:

=FVSCHEDULE(C5,C8:C11)

FVSCHEDULE returns $1,147.26, when currency number format is applied.

Schedule

The values in schedule can be provided as a range of cells (per the example) or an array constant. For example, the formula below provides the principal as C5, but rates are hardcoded into an array constant:

=FVSCHEDULE(C5,{0.02;0.03;0.04;0.05})

The result is the same as above, $1,147.26.

Notes

  • Blank cells in the schedule are treated as zeros
  • FVSCHEDULE will return #VALUE if any values are non-numeric

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