fvfix

Future value with fixed periodic payments

Syntax

FutureVal = fvfix(Rate,NumPeriods,Payment)

FutureVal = fvfix(___,PresentVal,Due)

Description

FutureVal = fvfix(Rate,NumPeriods,Payment) returns the future value of a series of equal payments.

FutureVal = fvfix(___,PresentVal,Due) specifies options using one or more optional argument in addition to the input arguments in the previous syntax.

Examples

Return the Future Value of a Series of Equal Payments

This example shows how to compute the future value of a series of equal payments using a savings account that has a starting balance of $1500. $200 is added at the end of each month for 10 years and the account pays 9% interest compounded monthly.

FutureVal = fvfix(0.09/12, 12*10, 200, 1500, 0)

FutureVal = 
4.2380e+04

Input Arguments

Rate — Interest-rate per period

scalar numeric decimal

Interest-rate per period, specified as a scalar numeric decimal.

Data Types: double

NumPeriods — Number of payment periods

scalar numeric

Number of payment periods, specified as a scalar numeric.

Data Types: double

Payment — Payment per period

scalar numeric

Payment per period, specified as a scalar numeric.

Data Types: double

PresentVal — Present value

0 (default) | scalar numeric

(Optional) Present value, specified as a scalar numeric.

Data Types: double

Due — When payments are due

0 (end of period) (default) | scalar integer with value of 0 or 1

(Optional) When payments are due, specified as a scalar integer with value of 0 (end of period) or 1 (beginning of period).

Data Types: double

Output Arguments

FutureVal — Future value of series of equal payments

scalar numeric

Future value of a series of equal payments, returned as a scalar numeric.

References

[1] Jan Mayle. Standard Securities Calculation Methods. Securities Industry Assn, Volumes I-II, 3rd edition, 1994

Version History

Introduced before R2006a