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# PV

This function returns the present value of an investment based on the interest rate, number and amount of periodic payments, and future value. The present value is the total amount that a series of future payments is worth now.

## Syntax

`PV(rate, numper, paymt, fval, type)`

## Arguments

This function has these arguments:

Argument

Description

rate

Interest rate expressed as percentage (per period)

numper

Total number of payment periods

paymt

Payment made each period; cannot change over the life of the annuity

fval

[Optional] Future value; if omitted, the calculation is based on the payments

type

[Optional] Indicates when payments are due; at the end (0) or beginning (1) of the period; if omitted, the calculation uses the end (0)

For the arguments, money paid out (such as deposits in an investment) is represented by negative numbers; money you receive (such as dividend checks) is represented by positive numbers.

## Remarks

Use consistent units for specifying the rate and number of periods arguments. If you make monthly payments on a five-year loan at 8 percent annual interest, use 0.08/12 for the rate argument and 5*12 for the number of periods argument. If you make annual payments on the same loan, use 0.08 for rate and 5 for number of periods.

## Data Types

Accepts numeric data for all arguments. Returns numeric data.

## Examples

`PV(B1/12,N24,-75,0,1)`

`PV(R1C1/12,48,R1C2,0,0)`

`PV(0.005,60,-100,0,1)` gives the result \$5,198.42