The Excel XNPV Function

Related Function:
NPV Function

XNPV Function Equation
The Excel XNPV Function uses the following equation :

Excel XNPV Equation


di = the i'th payment date
d1 = the of 0'th payment date
Pi = the ith payment

Basic Description

The Excel XNPV function calculates the Net Present Value for a schedule of cash flows that is not necessarily periodic.

The format of the function is :

XNPV( rate, values, dates )

Where the arguments are listed in the table below :

rate - The discount rate to apply to the cash flows
values -

An array of numeric values, representing payments and income, where :

    -     negative values are treated as payments

    -     positive values are treated as income

The first payment is optional and denotes a cost or payment at the beginning of the investment
dates - An array of dates corresponding to the array of payments. This array must be the same length as the supplied values array

XNPV Function Example

Example of use of the Excel XNPV Function

The above spreadsheet on the right shows an example of the Xnpv function. The data used is in cells A1-B7 of the spreadsheet, with the discounted rate shown in cell B1, the dates of the returns are stored in cells A2-A7 and the values of the returns are stored in cells B2-B7.

The Xnpv function used to calculate the net present value of the investment with these terms is shown in cell C10.

This function gives the result $4,449.60

More examples of the Excel Xnpv function can be found on the Microsoft Office website

XNPV Function Errors

If you get an error from the Excel Xnpv function this is likely to be one of the following :

Common Errors
#NUM! - Occurs if either:
- the values and dates arrays have different lengths
- any of the other dates are before the start date
#VALUE! - Occurs if either:
- any of the supplied rate or values arguments are non-numeric
- any of the supplied dates are not recognised as dates by Excel
#NAME? -

Occurs when Analysis ToolPak add-in is not enabled in your Excel.
You will need to enable the add-in if you want to use the Excel Xnpv function.

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