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# Future Value of a Graduated Regular Annuity Calculator

This Formula Calculator calculates the future value of series of payment that increase at a constant rate with the first payment at the end of period 0.

Formula: fv(fcRate / 100, fcNPer, 0, -pv((1 + fcRate / 100) / (1 + fcGrowth / 100) - 1, fcNper, fcPmt, 0, 1), 0)

FV / fcFv : The future value.
N / fcNper : The number of periods.
i% / fcRate : The periodic rate.
PMT / fcPmt : The base periodic payment at the beginning of period zero. This payment increases by g% each period.
g% / fcGrowth : The periodic growth rate of the payment.

## Example 1

"You are considering the purchase of an investment that will pay \$1,000 after one year, and then 4 additional payments that grow at a rate of 3% per year to account for expected inflation. If your required return is 8% per year, what is the future value of this investment?"
(Graduated Annuities Using Excel - TVMCalcs.com)

Value Keystrokes Display Description
5 N 5.00 Stores the N value.
8 i% 8.00 Stores the i% value.
-1000 PMT -1,000.00 Stores the PMT value.
3 g% 3.00 Stores the g% value.
FV 6,201.08 Calculates the future value.

## Reference:

Graduated Annuities Using Excel - TVMCalcs.com