The Excel FVSCHEDULE Function

Related Function:
FV Function

Basic Description

The Excel FVSCHEDULE function calculates the Future Value of an investment with a variable interest rate.

The syntax of the function is :

FVSCHEDULE( principal, schedule )

Where the arguments are as follows:

principal - The present value of the investment
schedule -
An array of values, that provides the schedule of interest rates to be applied to the principal
If provided as a range of cells, these may contain numeric values or be empty (empty cells denote a zero interest rate)


Excel Fvschedule Function Example

Cell B1 of the spreadsheet below shows an example of the Excel Fvschedule function used to calculate the future value of an investment of $10,000, over 5 years. The investment earns interest of 5% during the first two years and 3.5% during the 3rd, 4th and 5th years.

The format of the function is shown in the spreadsheet on the left and the result is shown in the spreadsheet on the right.

 Formulas:
  A B
1 5.0% =FVSCHEDULE( 10000, A1:A5 )
2 5.0%  
3 3.5%  
4 3.5%  
5 3.5%  
 Results:
  A B
1 5.0% $12,223.61
2 5.0%  
3 3.5%  
4 3.5%  
5 3.5%  

More details and examples of the Excel Fvschedule function are provided on the Microsoft Office website.


Fvschedule Function Errors

If you get an error from the Excel Fvschedule Function, this is most likely to be one of the following:

Common Errors
#VALUE! -

Occurs if any of the supplied arguments are non-numeric

(blank cells as a part of the schedule array are acceptable and are treated as the numeric value 0)
#NAME? -

Occurs when Analysis ToolPak add-in is not enabled in your Excel.
You will need to enable the add-in if you want to use the Excel Fvschedule function.

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