This article describes the formula syntax and usage of the FVSCHEDULE function in Microsoft Excel.


Returns the future value of an initial principal after applying a series of compound interest rates. Use FVSCHEDULE to calculate the future value of an investment with a variable or adjustable rate.


FVSCHEDULE(principal, schedule)

The FVSCHEDULE function syntax has the following arguments:

  • Principal    Required. The present value.
  • Schedule    Required. An array of interest rates to apply.


The values in schedule can be numbers or blank cells; any other value produces the #VALUE! error value for FVSCHEDULE. Blank cells are taken as zeros (no interest).


Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

=FVSCHEDULE(1,{0.09,0.11,0.1})Future value of 1 with compound annual interest rates of 9%, 11%, and 10%.1.3309

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