## Purpose

## Return value

## Arguments

*rate*- Discount rate to apply to the cash flows.*values*- Values representing cash flows.*dates*- Dates that correspond to cash flows, in any order.

## Syntax

## Usage notes

The XNPV function returns the net present value (NPV) of an investment based on a discount *rate* and a series of cash flows that occur at irregular intervals. *Values* represent cash flows and be correspond to *dates*. Negative values represent cash paid out; positive values represent cash received. The first date indicates the beginning of the schedule of payments and must be the earliest date. Subsequent dates may occur in any order.

The XNPV function takes three arguments: *rate*, *values*, and *dates*. *Rate* represents the discount rate to apply to the cash flows. Enter *rate* as a percentage like 6% or the decimal value 0.06.

*Values* represent a series of cash flows that correspond to *dates*. The first value is optional and corresponds to a cost at the beginning of the investment. If the first value is a cost or payment, it must be a entered as a negative number. All subsequent payments are discounted based on a 365-day year. *Values* must include at least one positive and one negative value, or XNPV will return a #NUM! error.

The *dates* argument represents a schedule of dates that correspond to *values*. The values supplied for *dates* must be valid Excel dates. The first payment date indicates the beginning of the schedule of payments and must be the earliest date. Other dates must be later than this date, but *do not* need to be in chronological order. Typically, *dates* is supplied as a range.

XNPV does not discount the initial cash flow. Subsequent payments are discounted based on a 365-day year. To discount to a particular valuation date, you can set up XNPV so that the first cashflow is zero, associated with the valuation date.

### Example

In the example shown, the formula in F6 is:

```
=XNPV(F4,B5:B10,C5:C10) // returns 177.6532
```

The result is 177.6532, displayed as 177.65 when formatted as a number with two decimal places.

### Notes

*Rate*is provided as a percentage (.12 for 12%).*Dates*do not need to be in chronological order, but the first payment date must be the earliest date.*Dates*must be valid Excel dates.- XNPV doesn’t discount the initial cash flow.