Calculating "Compounding Annually" using FV Function?

[des378]

Hi,

I'm using the following variables with the FV Function, but after checking a few compound interest calculators online I noticed it is "compounded monthly" - how do I change it so I can calculate the return on an investment "compounded annually" instead? Can I use the FV function or do I need to do it manually? And if I do it manually what would the equation/formula be?

EX:

VARIABLES

return rate = 5%
monthly contributions = $100/month
existing value/savings = $1000
# of years to save = 5
->compounded annually

Current Function/Formula: FV(0.05/12,5*12,-100,1000)


Thanks in advance!

 

[Holger]

The difficulty with the scenario is, why would anyone make monthly savings contributions, if compounding is only annually?

 

[AhoyNC]

Does this match your online calculator?

Book1
	A	B	C
1	return rate = 5%	5%
2	monthly contributions = $100/month	$ 1,200.00	Year
3	existing value/savings = $1000	$ 1,000.00
4	# of years to save = 5	5
5
6	Future Value	$7,907.04
Sheet1

Cell Formulas
Range	Formula
B6	B6	=-FV(B1,5,B2,B3,0)