Computational Notes:

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

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

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

    P = PV / n * (1 + g)^(pn - 1)

Where:

PV = Present 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.