From Mike Chapple,
Your Guide to Databases.
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Function: FV()

Purpose: The FV() function returns the future value of an annuity.

Usage: FV(rate, periods, payment, [pv], [type])

The input rate is a Double specifying the interest rate per period.
The input periods is an Integer specifying the total number of payment periods in the annuity.
The input payment is a Double specifying the payment amount ot be made each period.
The optional input pv is the present value of the payments. This value defaults to 0 if not specified.
The optional input type specifies when payments are due. If omitted, a value of 0 (payments due at end of period) is used. You may specify a value of 1 to indicate that payments are due at the beginning of the period.

Returns: Double specifying the future value of the annuity.

Examples and Special Cases

Compute the future value of an annuity with an annual percentage rate of 12% (1% per period) paid monthly for four years (48 periods) with a $100 payment per period:
FV(0.01, 48, -100) = 6122.26