**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)