Computational Notes:

If the discount rate and the growth rate are not equal, the payment formula is:

     P = [FV * ((r - g) / ((1 + r)^n - (1 + g)^n))] * (1 + g)^(pn - 1)

If the discount rate and the growth rate are equal, the payment formula is:

     P = [FV / (n * (1 + r)^(n - 1))] * (1 + g)^(pn - 1)

    
Where:

FV = Future Value

P = Payment

r = Discount Rate / 100

g = Payment Growth Rate / 100

pn = Payment Number

n = Number Payments

Adjust the discount rate to reflect the interval between payments which typically are annual, semiannual, quarterly or monthly. For example, for a 6% annual discount rate, enter 6 for an annual interval. Enter 3 for a semiannual interval. Enter 1.5 for a quarterly interval. Enter .5 for a monthly interval.

The discount rate is the same for all payment periods.