How to Find Future Value on a Financial Calculator

Future value tells you what money will be worth later, after it earns interest. It is how you check whether a savings plan reaches a goal, compare investments, or see the payoff of starting early. This guide shows three ways to find future value: by formula, on a financial calculator (BA II Plus, HP 12C, TI-84) and in Excel. It covers a lump sum, regular deposits and payments at the start of each period.

The future value formulas

A single amount (lump sum):

FV = PV × (1 + i)^n

Equal deposits at the end of each period (ordinary annuity):

FV = PMT × ((1 + i)^n − 1) ÷ i

Deposits at the start of each period (annuity due): multiply the annuity result by (1 + i).

i is the rate per period and n is the number of periods. For both a lump sum and deposits, add the two results. Our future value calculator does this in one step.

Worked example 1: a lump sum

What will $10,000 be worth in 10 years at 5% a year?

• Formula: 10,000 × 1.05¹⁰ = $16,288.95.
• BA II Plus: set P/Y = 1 (2nd → I/Y, 1, ENTER, 2nd → CPT), clear TVM (2nd → FV), then 10 N, 5 I/Y, −10000 PV, 0 PMT, CPT → FV = 16,288.95.
• HP 12C: f → CLEAR FIN, 10 n, 5 i, 10000 CHS PV, 0 PMT, FV = 16,288.95.
• TI-84: APPS → Finance → TVM Solver: N = 10, I% = 5, PV = −10000, PMT = 0, P/Y = C/Y = 1. Move to FV and press ALPHA → ENTER: 16288.95.
• Excel: =FV(5%,10,0,-10000) = 16,288.95.

Worked example 2: regular deposits

What will $1,000 a year grow to over 10 years at 6%?

• Formula: 1,000 × (1.06¹⁰ − 1) ÷ 0.06 = $13,180.79.
• Calculator: 10 N, 6 I/Y, 0 PV, −1000 PMT, CPT → FV = 13,180.79.
• Excel: =FV(6%,10,-1000) = 13,180.79.

If each deposit is made at the start of the year, switch to BGN mode (BA II Plus: 2nd → PMT, 2nd → ENTER; HP 12C: g → 7), or use type 1 in Excel. The result rises to $13,971.64, because each deposit earns one extra year of interest.

Worked example 3: a lump sum plus monthly deposits

$10,000 today plus $200 a month for 20 years at 7%, compounded monthly.

• Set P/Y = 12 (or enter the monthly rate directly on the HP 12C with 7 g 12÷).
• Enter N = 240, I/Y = 7, PV = −10,000, PMT = −200, and compute FV: $144,572.72.
• Of that, $58,000 is your own money and $86,572.72 is interest.

This is the kind of problem the finance calculator solves directly, and you can see how the growth builds over time in the compound interest calculator.

How compounding frequency changes future value

The more often interest compounds, the faster money grows, but the effect gets smaller as compounding becomes more frequent. $10,000 at 5% for 10 years:

Compounding	Future value
Yearly	$16,288.95
Monthly	$16,470.09
Daily	$16,486.65
Continuous	$16,487.21

Going from yearly to monthly adds about $181. Going from monthly to daily adds only about $17. On a financial calculator, change C/Y (compounding periods per year) separately from P/Y if deposits and compounding happen at different frequencies.

Future value in Excel, in more detail

Excel’s FV function takes the same five inputs as a financial calculator:

=FV(rate, nper, pmt, [pv], [type])

• rate: the rate per period, for example 7%/12 for monthly.
• nper: the number of periods, for example 20*12.
• pmt: the deposit each period, negative because you pay it.
• pv: the starting amount, also negative.
• type: 0 (or blank) for deposits at the end of each period, 1 for the start.

For the third example: =FV(7%/12, 240, -200, -10000) returns 144,572.72. Google Sheets uses the same function and arguments.

Future value in today’s money

Future value is measured in future dollars, which buy less than today’s. To see the result in today’s purchasing power, discount it by inflation:

real future value = future value ÷ (1 + inflation)^years

The $144,572.72 from the third example, at 3% inflation over 20 years, is worth about 144,572.72 ÷ 1.03²⁰ ≈ $80,046 in today’s money. That doesn’t make saving pointless. You still more than doubled what you put in, but it is the number to compare with goals priced in today’s dollars, such as a house deposit or a year of retirement spending.

Using future value to plan a goal

Future value is most useful when you turn it around into a plan. Decide the amount you want and the year you want it, then test different monthly deposits until the future value reaches the target. For example, if $144,573 in 20 years isn’t enough, raising the deposit from $200 to $300 a month adds about $52,000 at 7%. Starting five years earlier helps even more, because the earliest deposits compound the longest. The future value calculator makes this kind of trial quick, and the savings goal calculator solves for the deposit directly.

Future value vs. present value

Future value moves money forward in time, and present value moves it back. They are two views of the same equation, and the same five calculator keys solve both. If you know what you need in the future and want to know what to invest today, solve for PV instead of FV.

Solving the other way: rate and time

The same keys can answer “how fast” and “how long” questions:

• How long to double at 7.2%? PV = −1, FV = 2, I/Y = 7.2, PMT = 0, solve N: about 10 years. The rule of 72 gives the same estimate, 72 ÷ 7.2 = 10.
• What rate doubles money in 10 years? PV = −1, FV = 2, N = 10, solve I/Y: about 7.18%.

To work backwards from a future amount to its value today, use the present value calculator.

Common mistakes

• Leaving P/Y at 12 for yearly problems. Many calculators default to monthly. For yearly periods, set P/Y = 1.
• Wrong signs. If PV and PMT are both money you put in, both must be negative.
• Forgetting to clear old values. A leftover PMT or FV changes the answer silently.
• BGN left on. If a result looks slightly too high, check for “BGN” on the display.
• Ignoring inflation and fees. Future value is in future dollars. A 1% yearly fee or 3% inflation makes a large difference over 20 years.

Frequently asked questions

How do I find future value on a BA II Plus?

Set P/Y (2nd, I/Y), clear TVM (2nd, FV), enter N, I/Y, PV and PMT with the sign convention, then press CPT and FV. For $10,000 at 5% for 10 years with P/Y = 1, enter 10 N, 5 I/Y, −10000 PV, 0 PMT, CPT FV = 16,288.95.

Why do I enter the present value as a negative number?

The sign convention treats money you pay out as negative and money you receive as positive. Investing $10,000 today is money out, so the future value you'll receive comes out positive.

What is the Excel formula for future value?

=FV(rate, nper, pmt, [pv], [type]). For $1,000 a year for 10 years at 6%, =FV(6%,10,-1000) returns 13,180.79. For payments at the start of each year, add type 1, =FV(6%,10,-1000,0,1), which returns 13,971.64.

How long does it take money to double?

Use the rule of 72, dividing 72 by the annual rate in percent. At 7.2%, money doubles in about 10 years. On a financial calculator, set PV = −1, FV = 2 and solve for N.