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| Functions and CALL Routines |
SAVING Function
Returns the future value of a periodic saving.
| Category: | Financial |
| Syntax | |
| Arguments | |
| Details | |
| Examples |
Syntax |
| SAVING(f,p,r,n) |
Arguments
- f
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is numeric, the future amount (at the end of n periods).
Range: f ![[ge]](../../../../common/63294/HTML/default/images/ge.gif)
0 - p
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is numeric, the fixed periodic payment.
Range: p 0 - r
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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]](images/deqn212.gif)
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.
| Examples |
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.
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Copyright © 2011 by SAS Institute Inc., Cary, NC, USA. All rights reserved.