Description
FVSchedule returns the future value of an investment given the interest rates for over several compounding periods.
Arguments
value is a number or currency that specifies the present value of the investment.
rates is a number type array that specifies the interest rate for equal length periods.
Action
FVSchedule returns the future value of an investment given the interest rates for over several compounding periods.
Examples
Suppose a $50,000 investment has a guaranteed interest rate of 5% for the first year, 5.5% for the second year and 6% for the third year.
FVSchedule(50000,[0.05,0.055,0.06])
Returns $58,710.75 as the value of the investment after the third year.
Suppose that you have a database table containing information on several types of five-year savings bonds. The table contains the following fields: {table.denomination}, {table.rateYear1}, {table.rateYear2}, {table.rateYear3}, {table.rateYear4}, {table.rateYear5}. To compare the different bond types fairly, you decide to use a per $100 calculation of the final value of each bond type. The following formula might be a good way to start comparing the different bond types.
FVSchedule (100,[{table.rateYear1}, {table.rateYear2},{ table.rateYear3}, {table.rateYear4}, {table,rateYear5}])
Comments
This function is designed to work like the Excel function of the same name.