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# XNPV

> Use the Sigma XNPV function to return the net present value of an investment for payments or incomes at irregular intervals.

The **XNPV** function returns the net present value of an investment for payments or incomes at irregular intervals.

Use **XNPV** when you discount non-periodic cash flows.

**XNPV** is part of the set of financial functions that Sigma supports.

## Syntax

```
XNPV(rate, values, dates)
```

The **XNPV** function syntax has the following arguments:

<dl>
  <dt />

  <dt>
    rate
  </dt>

  <dd>
    Required
  </dd>

  <dd>
    The discount rate of the cash flows
  </dd>

  <dd>
    To use 20%, use the value 0.2.
  </dd>

  <dt>
    values
  </dt>

  <dd>
    Required
  </dd>

  <dd>
    A series of cash flows that corresponds to a schedule of payments, in dates. 
  </dd>

  <dd>
    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. The function discounts the succeeding payments based on a 365-day year. The series of values must contain at least one positive value and one negative value.
  </dd>

  <dt>
    dates
  </dt>

  <dd>
    Required
  </dd>

  <dd>
    A schedule of payment dates that corresponds to the cash flow payments.
  </dd>

  <dd>
    The first payment date is the beginning of the schedule of payments. All other dates must be later than this date, but they may occur in any order.
  </dd>
</dl>

The general formula for the **XNPV** function is:\
![XNPV function](https://fdr-prod-docs-files-public.s3.us-east-1.amazonaws.com/sigma.docs.buildwithfern.com/f5e687a8763df288e073bbd0455eb5e843e1475466fd04286e1f761d9f99602c/assets/docs-images/cb8347f-function-xnpv.png?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6KXJSKKNFOCF7G4B%2F20260727%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20260727T041715Z&X-Amz-Expires=604800&X-Amz-Signature=7f39b77b2b8d8a0c92a4704f34ae6a8afb627df256312b4e2d4963beab8d4b74&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)

## Example

```
XNPV(.20, [Values], [Dates])
```

Calculates the net present value of cash flows of Values made on corresponding Dates, with a discount rate of 20%.

For the following list of values and dates, the XNPV would be \$18,392.

<dl>
  <dt>
    Values
  </dt>

  <dd>
    (-6380, 9680, -1000, -9680, 1000, 2340, 1000, -2500, 5200, 2300, 4400, 5060, 5760, 6360)
  </dd>

  <dt>
    Dates
  </dt>

  <dd>
    (03/28/2021, 07/28/2021, 08/27/2021, 08/29/2021, 09/28/2021, 09/30/2021, 10/19/2021, 11/01/2021, 12/03/2021, 01/02/2022, 02/02/2022, 03/02/2022, 04/01/2022, 04/31/2022)
  </dd>
</dl>

## Related resources

* [PV](/docs/pv)
* <a href="https://support.microsoft.com/en-us/office/xnpv-function-1b42bbf6-370f-4532-a0eb-d67c16b664b7" target="_blank" rel="noopener noreferrer">
    XNPV function in Microsoft documentation
  </a>