The ANNUITY function (annuity immediate) returns a numeric value representing the amount of each payment in a series of equal periodic payments whose total value is 1.0, where argument-1 is the interest rate per period, argument-2 is the number of periods (usually 12), and each payment is applied at the end of its period. The type of this function is numeric.
a numeric value that approximates the ratio of an annuity paid at the end of each period for the number of periods specified by argument-1 and is applied at the end of the period before the payment. The type of this function is numeric.
FUNCTION ANNUITY (argument-1 argument-2)
|argument-1||Must be class numeric. The value of argument-1 must be greater than or equal to zero.|
|argument-2||Must be a positive integer.|
When the value of argument-1 is zero, the value of the function is the approximation of:
1 / argument-2
When the value of argument-1 is not zero, the value of the function is the approximation of:
argument-1 / (1 - (1 + argument-1) ** (- argument-2))