# Excel FVSCHEDULE Function

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.

*principal*- The initial investment sum.*schedule*- Schedule of interest rates, provided as range or array.

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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