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FV() ?

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  • FV() ?

    I am always reluctant to doubt the accuracy of any of alpha's functions, so I am guessing maybe I am missing something here.

    Looking at FV() at the help file, it says:

    Example
    Assume a 7% per annum interest rate. To compute the amount of money in a checking account at the end of one year if you deposit $100 each month at the beginning of the month, use the following expression:

    fv(100,(.07/12),12) -> 1239.258529


    Hmmmm?

    That's not what I am getting doing a simple Excel spreadsheet to calculate that amount.

    The amount given by alpha represents the value of the investment at the beginning, not at the end of of the last period.



    The amount highlighted in yellow is the one given by alpha, the one in blue is what it should be.

    What am I missing?

  • #2
    Re: FV() ?

    First off, I am not an accountant. When it comes to interest bearing accounts and what not I go to the pro's for the answers.

    From looking at your spreadsheat it appears you adding interest at the end of the month. The function states "7% per annum interest rate" i.e. 7% per year interest rate.
    Andrew

    Comment


    • #3
      Re: FV() ?

      Originally posted by aschone View Post
      First off, I am not an accountant. When it comes to interest bearing accounts and what not I go to the pro's for the answers.

      From looking at your spreadsheat it appears you adding interest at the end of the month. The function states "7% per annum interest rate" i.e. 7% per year interest rate.
      The spreadsheet is correct. It is calculating the ( Amount X IntRate ) / 12 (months per annum)
      Interest is always stated per annum (then broken down into monthly rates for calculations)

      100.00 x (7%) = 7.00 -> 7.00/12 = .583333

      100.00 X (7%/12) =
      100.00 X (.00583333) = 0.583333

      You could also do ( 7% / 364.25 ) to get a per day rate, to account for the varying days within a month. However, interest is usually compounded monthly or quarterly at most, depending on the account type.

      Comment


      • #4
        Re: FV() ?

        Shall we call this a bug?

        Obviously, the work-around is very simple: to get the correct answer using FV() add 1 to the number of periods.
        Last edited by G Gabriel; 12-10-2008, 12:47 PM.

        Comment


        • #5
          Re: FV() ?

          Apparently, the FV() function is not going to the end of the period as stated. Instead, it is returning the future value as of the last payment (which is the beginning of the 12th month in your example). If you add interest earned over that 12th month, you get the right amount:
          Code:
          ?fv(100,(.07/12),12)
          = 1239.258529
          
          ?fv(100,(.07/12),12) * (1+(.07/12))
          = 1246.487537
          Another trick is to go for one more period and subtract the final payment:
          Code:
          ?fv(100,.07/12,13) - 100
          = 1246.487537
          Steve

          Comment


          • #6
            Re: FV() ?

            fv(100,(.07/12),12) -> 1239.258529

            Is there another option missing from the formula ?

            Normally there is also a fourth option that determines whether payment is due at the beginning or end of a period.

            This is from OpenOffice:

            FV(Rate; NPer; Pmt; PV; Type)
            Rate is the periodic interest rate.
            NPer is the total number of periods (payment period).
            Pmt is the annuity paid regularly per period.
            PV (optional) is the (present) cash value of an investment.
            Type (optional) defines whether the payment is due at the beginning or the end of a period.

            Comment


            • #7
              Re: FV() ?

              Thanks for the confirmation.

              I thought I was a little too foggy thinking about stuff like this after a lousy night of sleep deprivation.

              Short of any explanation from alpha, we will call it a bug. I am hoping there is some explanation. I, for one, find it hard to believe that there is a bug in an established function such as this, but anything is possible.

              Comment


              • #8
                Re: FV() ?

                Originally posted by sparkey View Post
                fv(100,(.07/12),12) -> 1239.258529

                Is there another option missing from the formula ?

                Normally there is also a fourth option that determines whether payment is due at the beginning or end of a period.
                I thought of that particullarly since Excel offers this option. But when no such argument is chosen, the defaul is the end of the period.

                Can't fathom a scenario where your bank will pay at the beggining of the period. I take that any day!

                I think the argument for beginning of the period applies to payments by annuties, and couldn't possibly apply to period #1, or maybe it does. I am not all too familiar with annuties.

                Comment

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