Returns the present value of a series of
payments.

## Syntax

PVANNUITY(`rate`, `periods`, `payment` <,`type`>)

## Parameters

`rate`
Numeric. The interest rate per period.

`periods`
Numeric. The total number of payment periods in an annuity.

`payment`
Numeric. The payment made at the end of each period. It cannot
change over the life of the annuity.

`type`
Optional. Numeric constant. Specify 0 if payments are due
at the end of the period, or 1 if payments are due at the beginning
of the period. If the type parameter is omitted the default value
of 0 will be used.

## Remarks

You can use this function when
you want to determine what a series of future payments is worth
now. For example, when you borrow money, the loan amount is the
present value to the lender.

The result is returned to two
decimal places.

This function assumes a future value of zero
and calculates the result based on payments at the end of the period.

## Example

At an interest rate of 8% per
annum, to calculate the value of receiving $500 a month for the next
20 years, specify:

`PVANNUITY(0.08/12, 12*20, 500)`

returns **59777.15**.