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Future Value of Growing Annuity (FVGA)

Calculate future value of growing annuity.

Future Value of Growing Annuity Calculator - Financial Tools

Future Value of Growing Annuity Calculator

Calculate the future value of an annuity where payments increase at a constant growth rate over time.

The first payment amount

Rate at which payments grow

Discount/interest rate per period

Total number of payment periods

Calculation Results

Future Value

Total Payments Made

Interest Earned

Final Payment

Payment Schedule

Period Payment Future Value Cumulative FV

Formula & How It Works

Formula

If r ≠ g:

FVGA = PMT × [(1+r)ⁿ - (1+g)ⁿ] / (r-g)

If r = g:

FVGA = PMT × n × (1+r)ⁿ⁻¹

Where:

  • FVGA = Future Value of Growing Annuity
  • PMT = Initial payment amount
  • r = Interest rate per period
  • g = Growth rate per period
  • n = Number of periods

Key Points:

  • • Payments increase by growth rate each period
  • • Formula differs when r = g
  • • Higher growth rates increase future value
  • • Assumes payments made at period end

Example Scenarios

Retirement Savings

Starting with $1,000 annual contribution, increasing by 3% yearly for 30 years at 7% return.

Education Fund

Monthly $200 savings growing by 2% annually for 18 years at 6% return.

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