# SAVING Function

Returns the future value of a periodic saving.

 Category: Financial

## Syntax

SAVING(f,p,r,n)

### Required Arguments

#### f

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

 Range f ≥ 0

#### p

is numeric, the fixed periodic payment.

 Range p ≥ 0

#### r

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

 Range r ≥ 0

#### n

is an integer, the number of compounding periods.

 Range n ≥ 0

## Details

The SAVING function returns the missing argument in the list of four arguments from a periodic saving. The arguments are related by
$equation$
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.

## Example

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
`number=saving(12000,100,.05/12,.);`
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.