How much will my savings grow to?
Find the future value of regular deposits that earn interest.
Say you put 200 into an account at the end of every month for 10 years, and it earns 6% a year, added monthly. How much is in the account at the end?
The deposits are money you pay out, so PMT is negative. Nothing is there at the start, so PV is 0. The future value comes out positive: it is what you receive.
Classic Financial II
Start on the main screen: Press 2ND then CPT (QUIT) to leave a worksheet and return to the plain calculator. ON/OFF also drops back to the standard screen and clears an error.
Set 12 payments a year.
2NDP/YI/Y12ENTER2NDQUITCPTEnter 120 deposits (10 years of months) and the 6% yearly rate.
120N6I/YStart with nothing in PV and enter the deposit as a negative PMT.
0PV200+/-PMTCompute FV.
CPTFV
You should seeFV= 32,775.87
RPN Financial 12
Start on the main screen: There is no menu to leave: the display always shows the X register. Press f then R/S (P/R) to leave program mode, and clear a pending prefix by pressing ON.
Enter 120 deposits, then 6 with g, i for the monthly rate.
120n6g12÷iStart with PV = 0 and enter the deposit as a negative payment (type 200, then CHS).
0PV200CHSPMTAsk for the future value.
FV
You should see32,775.87
Tips
- For deposits at the start of each month, switch to BGN mode first (2nd, PMT then 2nd, ENTER, then QUIT on the Classic model; g then 7 on the RPN model).
Related guides
- Find how much to invest todayWork out the amount you need now to reach a target sum in the future.
- Compound interestGrowth where interest is added to the balance and then earns interest itself.
- Time value of money: the five money keysHow N, I/Y, PV, PMT and FV fit together, and the rule about positive and negative amounts.