PV

Description Returns the present value of an annuity, considering a series of constant payments made over a regular payment period.

Syntax PV ( interest, nper, pmt [, fv] [, type] )

Argument	Description
interest	The fixed periodic interest rate.
nper	The number of payment periods in the investment.
pmt	The fixed payment made each period.
[fv]	The future value, or the amount the annuity will be worth. If this argument is omitted, 0 is used.
[type]	Indicates when payments are due. Use 0 if payments are due at the end of the period or 1 if payments are due at the beginning of the period. If this argument is omitted, 0 is used.

Remarks The units used for interest must match those used for nper. For example, if the annuity has an 8 percent annual interest rate over a period of 5 years, specify 8 percent/12 for interest and 5*12 for nper.

Cash paid out, such as a payment, is shown as a negative number. Cash received, such as a dividend check, is shown as a positive number.

Examples This function returns -17999.89:

PV(8%/12, 48, 439.43)

This function returns 17999.89:

PV(8%/12, 48, -439.43)

See Also FV, CUMIPMT, CUMPRINC, IPMT, NPER, PMT, PPMT, RATE