fvfix (Financial Toolbox)

Future value with fixed periodic payments.

Syntax

f = fvfix(rate, nper, p, pv, due)
f = fvfix(rate, nper, p, pv)
f = fvfix(rate, nper, p)

Arguments

rate: Periodic interest rate, as a decimal fraction.

nper: Number of periods.

p: Periodic payment.

pv: Initial value. Default = 0.

due: When payments are due or made: 0 = end of period (default),
or 1 = beginning of period.

Description

f = fvfix(rate, nper, p, pv, due)

returns the future value of a series of equal payments.

Example

A savings account 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. Using this data,

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

returns

f =
      42379.89