XNPV

See Also

Returns the net present value for a schedule of cash flows that is not necessarily periodic. To calculate the net present value for a series of cash flows that is periodic, use the NPV function.

If this function is not available, and returns the #NAME? error, install and load the Analysis ToolPak add-in.

Show How?

On the Tools menu, click Add-Ins.
In the Add-Ins available list, select the Analysis ToolPak box, and then click OK.
If necessary, follow the instructions in the setup program.

Syntax

XNPV(rate,values,dates)

Rate is the discount rate to apply to the cash flows.

Values is 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 is 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.

Remarks

Microsoft 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, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.
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.
XNPV is calculated as follows:

where:

di = the ith, or last, payment date.

d1 = the 0th payment date.

Pi = the ith, or last, payment.

Example

The example may be easier to understand if you copy it to a blank worksheet.

Show How?

Create a blank workbook or worksheet.
Select the example in the Help topic. Do not select the row or column headers.

Selecting an example from Help
Press CTRL+C.
In the worksheet, select cell A1, and press CTRL+V.
To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Tools menu, point to Formula Auditing, and then click Formula Auditing Mode.

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A	B
Values	Dates
-10,000	January 1, 2008
2,750	March 1, 2008
4,250	October 30, 2008
3,250	February 15, 2009
2,750	April 1, 2009
Formula	Description (Result)
=XNPV(.09,A2:A6,B2:B6)	The net present value for an investment with the above cost and returns. The cash flows are discounted at 9 percent. (2086.6476 or 2086.65)