Type the Excel formula for the NPV of a project whose time-0 outlay is in B1 and whose four inflows are in B2:B5, at 9 %.

Answer

=NPV(0.09,B2:B5)+B1

The range starts at the FIRST period-end flow; B1 (−15,000) is added outside. Returns 2,470.20. With B1 inside, 2,266.24 — wrong.

Bigel, Introduction to Financial Analysis (CC BY 4.0) §11.12–11.17, §10.13 (the FV shortcut) — shape only; Excel NPV/IRR ranges authored fresh; original scenario