SAVING Function

Returns the future value of a periodic saving.

Category: Financial



Required Arguments


is numeric, the future amount (at the end of n periods).

Range f ≥ 0


is numeric, the fixed periodic payment.

Range p ≥ 0


is numeric, the periodic interest rate expressed as a decimal.

Range r ≥ 0


is an integer, the number of compounding periods.

Range n ≥ 0


The SAVING function returns the missing argument in the list of four arguments from a periodic saving. The arguments are related by
f = p ( 1 + r ) ( ( 1 + r ) n - 1 ) r
One missing argument must be provided. It is then calculated from the remaining three. No adjustment is made to convert the results to round numbers.


A savings account pays a 5 percent nominal annual interest rate, compounded monthly. For a monthly deposit of $100, the number of payments that are needed to accumulate at least $12,000, can be expressed as
The value returned is 97.18 months. The fourth argument is set to missing, which indicates that the number of payments is to be calculated. The 5 percent nominal annual rate is converted to a monthly rate of 0.05/12. The rate is the fractional (not the percentage) interest rate per compounding period.