Growing Ordinary Annuity Calculator - Payment Using Future Value

Use this calculator to determine the first payment of an growing ordinary annuity using future value. A growing ordinary annuity is a series of increasing payments paid at the end of successive periods.

Growing Ordinary Annuity Calculator - Payment Using Future Value
Future Value ($):
Discount Rate (%):
Payment Growth Rate (%):
Number Payments:
Payment
   Do not enter $ or % in any field.

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)]

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

P = [FV / (n * (1 + r)^n-1)] * (1 + r)^n-1
   
Where:

FV = Future Value

P = First Payment

r = Discount Rate / 100

g = Payment Growth Rate / 100

n = Number Payments

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Updated February 29, 2026.