Returns the future value of a series of
payments, which represents the sum of the payments plus interest.

## Syntax

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

## Parameters

`rate`
Numeric. The interest rate per period.

`periods`
Numeric. The number of payment periods in the term.

`payment`
Numeric. The payment made in each period. Payment must remain
constant 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 to determine how much an annuity
accumulates over time. The future value of a series of payments
is the total amount that the series adds up to, with compound interest.
For example, when you deposit the same amount of money into an account
every month, the ending balance is the future value; that is, the
sum of the payments plus accumulated compound interest.

You
must ensure that you use consistent units to specify the rate and
periods. For example, if you make monthly payments on a two-year
loan at a rate of 6 percent, use 0.06/12 for rate and 2 * 12 for
periods. If you make annual payments on the same loan, use 0.06
for rate and 2 for periods.

## Examples

The following example calculates
the future value that accumulates if you put $1000 per month for
a year into an account earning 1% per month:

`FVANNUITY(0.01,
12, 1000)`

returns **12682.50**.

The following
example calculates the amount that accumulates if you put $2000
per month for three years into an account earning 7 percent per
annum compounded monthly:

`FVANNUITY(0.07/12, 3*12,
2000)`

returns **79860.20**.