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FVSCHEDULE Function
Summary
The FVSCHEDULE function calculates the future value of an initial principal after applying multiple compound interest rates sequentially. Perfect for investments with variable rates over different periods.
Syntax
FVSCHEDULE(principal, schedule)Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| principal | Number |
Yes | Initial principal amount (present value) |
| schedule | Array |
Yes | Array of interest rates to apply sequentially |
Using the FVSCHEDULE Function
FVSCHEDULE excels at projecting future values for investments with fluctuating rates, such as CDs with varying APYs, loans with changing rates, or any scenario requiring sequential compounding at different rates.
Common FVSCHEDULE Examples
Investment with Changing Annual Rates
=FVSCHEDULE(1000, {0.09, 0.11, 0.10})Future value of $1,000 after 3 years at 9%, 11%, then 10% annual rates (returns 1,330.90)
Multi-Year CD Ladder
=FVSCHEDULE(A1, B1:E1)Projects CD maturity value using different yearly rates from range B1:E1
Loan Balance Projection
=FVSCHEDULE(50000, {0.045, 0.052, 0.061})Future loan balance after 3 years with increasing rates
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Schedule contains text or invalid values
Solution: Ensure schedule contains only numbers or blanks
#NUM!
Cause: Principal is non-numeric
Solution: Use valid number for principal
Notes
- Compounds sequentially: each rate applies to accumulated value
- Order matters - first rate in array applies first
- Supports 1 to 365+ rates (periods)
- Available in Excel 2007 and later
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003 and earlier
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+