The XNPV function calculates the net present value for a schedule of cash flows that is not necessarily periodic.

XNPV takes 3 required arguments and no optional arguments:

Syntax: XNPV(rate, values, dates)

#1)
Using the XNPV function:
#2)
The arguments for the XNPV function are:
Argument Required? Description
rate Required The discount rate to apply to the cash flows.
values Required A series of cash flows that corresponds to a schedule of payments in dates. The first payment is optional and corresponds to a cost or payment that occurs at the beginning of the investment. If the first value is a cost or payment, it must be a negative value. All succeeding payments are discounted based on a 365-day year. The series of values must contain at least one positive value and one negative value.
dates Required A schedule of payment dates that corresponds to the cash flow payments. The first payment date indicates the beginning of the schedule of payments. All other dates must be later than this date, but they may occur in any order.
#3)
Quite A few more things:
Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2014 is serial number 41640 because it is 41,640 days after January 1, 1900.
Numbers in dates are truncated to integers.
If any argument is nonnumeric, XNPV returns the #VALUE! error value.
If any number in dates is not a valid date, XNPV returns the #VALUE! error value
If any number in dates precedes the starting date, XNPV returns the #NUM! error value.
If values and dates contain a different number of values, XNPV returns the #NUM! error value.

Summary

The XNPV function calculates the net present value for a schedule of cash flows that is not necessarily periodic.
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