Formula
FV = PV(1+i)ᴺ + PMT × ((1+i)ᴺ − 1) ÷ i, where i is the rate per period and N the number of periods. Payments are made at the end of each period.
Frequently asked questions
What is the time value of money?
Money today is worth more than the same amount later, because it can earn interest in the meantime.