# Financial.PV(Double, Double, Double, Double, DueDate) Method

## Definition

Important

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Returns a value specifying the present value of an annuity based on periodic, fixed payments to be paid in the future and a fixed interest rate.

`public static double PV (double Rate, double NPer, double Pmt, double FV = 0, Microsoft.VisualBasic.DueDate Due = Microsoft.VisualBasic.DueDate.EndOfPeriod);`

`static member PV : double * double * double * double * Microsoft.VisualBasic.DueDate -> double`

`Public Function PV (Rate As Double, NPer As Double, Pmt As Double, Optional FV As Double = 0, Optional Due As DueDate = Microsoft.VisualBasic.DueDate.EndOfPeriod) As Double`

#### Parameters

- Rate
- Double

Required. The interest rate per period. For example, if you get a car loan at an annual percentage rate (APR) of 10 percent and make monthly payments, the rate per period is 0.1/12, or 0.0083.

- NPer
- Double

Required. The total number of payment periods in the annuity. For example, if you make monthly payments on a four-year car loan, your loan has 4 x 12 (or 48) payment periods.

- Pmt
- Double

Required. The payment to be made each period. Payments usually contain principal and interest that does not change during the life of the annuity.

- FV
- Double

Optional. The future value or cash balance you want after you make the final payment. For example, the future value of a loan is $0 because that is its value after the final payment. However, if you want to save $50,000 over 18 years for your child's education, then $50,000 is the future value. If omitted, 0 is assumed.

- Due
- DueDate

Optional. Object of type DueDate that specifies when payments are due. This argument must be either `DueDate.EndOfPeriod`

if payments are due at the end of the payment period, or `DueDate.BegOfPeriod`

if payments are due at the beginning of the period. If omitted, `DueDate.EndOfPeriod`

is assumed.

#### Returns

The present value of an annuity based on periodic, fixed payments to be paid in the future and a fixed interest rate.

## Examples

In this example, the `PV`

function returns the present value of an $1,000,000 annuity that will provide $50,000 a year for the next 20 years. Provided are the expected annual percentage rate (`APR`

), the total number of payments (`TotPmts`

), the amount of each payment (`YrIncome`

), the total future value of the investment (`FVal`

), and a number that indicates whether each payment is made at the beginning or end of the payment period (`PayType`

). Note that `YrIncome`

is a negative number because it represents cash paid out from the annuity each year.

```
Sub TestPV()
' Define money format.
Dim Fmt As String = "###,##0.00"
' Annual percentage rate.
Dim APR As Double = 0.0825
' Total number of payments.
Dim TotPmts As Double = 20
' Yearly income.
Dim YrIncome As Double = 50000
' Future value.
Dim FVal As Double = 1000000
' Payment at beginning of month.
Dim PayType As DueDate = DueDate.BegOfPeriod
Dim PVal As Double = PV(APR, TotPmts, -YrIncome, FVal, PayType)
MsgBox("The present value is " & Format(PVal, Fmt) & ".")
End Sub
```

## Remarks

An annuity is a series of fixed cash payments made over a period of time. An annuity can be a loan (such as a home mortgage) or an investment (such as a monthly savings plan).

The `Rate`

and `NPer`

arguments must be calculated using payment periods expressed in the same units. For example, if `Rate`

is calculated using months, `NPer`

must also be calculated using months.

For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.

## Applies to

## See also

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