- principal - The initial investment sum.
- schedule - Schedule of interest rates, provided as range or array.
How to use
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.
In the example shown, an initial sum of $1000 is invested for 4 years. In each year, the rate is different as shown below:
In the example, the rates are entered in the range C8:C11. The formula in F5 is:
FVSCHEDULE returns $1,147.26, when currency number format is applied.
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:
The result is the same as above, $1,147.26.
- Blank cells in the schedule are treated as zeros
- FVSCHEDULE will return #VALUE if any values are non-numeric