Future value with fixed periodic payments
FutureVal = fvfix(Rate, NumPeriods, Payment, PresentVal, Due)
Periodic interest rate, as a decimal fraction.
Number of periods.
(Optional) Initial value. Default = 0.
(Optional) When payments are due or made: 0 = end of period (default), or 1 = beginning of period.
FutureVal = fvfix(Rate, NumPeriods, Payment, PresentVal, Due) returns the future value of a series of equal payments.
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
FutureVal = fvfix(0.09/12, 12*10, 200, 1500, 0)
FutureVal = 42379.89