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  • Problems With XIRR and XNPV

    Enviado por

    realit
    96 visualizações7 páginas
    The document describes problems with the XNPV and XIRR functions in Excel when used with zero or negative discount rates. It presents a quick fix for XNPV that uses an IF statement to check the discount rate and sum the cash flows if it is zero. It also introduces new functions, nXNPV and nXIRR, that fix the problems with negative or zero rates for both NPV and IRR calculations. A data table is included to show the nXNPV result varies correctly across a range of discount rates including negative values.

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    Finance

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    The document describes problems with the XNPV and XIRR functions in Excel when used with zero or negative discount rates. It presents a quick fix for XNPV that uses an IF statement to check the discount rate and sum the cash flows if it is zero. It also introduces new functions, nXNPV and nXIRR, that fix the problems with negative or zero rates for both NPV and IRR calculations. A data table is included to show the nXNPV result varies correctly across a range of discount rates including negative values.

    Direitos autorais:

    Attribution Non-Commercial (BY-NC)
    Baixe no formato XLS, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    96 visualizações7 páginas

    Problems With XIRR and XNPV

    Enviado por

    realit
    The document describes problems with the XNPV and XIRR functions in Excel when used with zero or negative discount rates. It presents a quick fix for XNPV that uses an IF statement to check the discount rate and sum the cash flows if it is zero. It also introduces new functions, nXNPV and nXIRR, that fix the problems with negative or zero rates for both NPV and IRR calculations. A data table is included to show the nXNPV result varies correctly across a range of discount rates including negative values.

    Direitos autorais:

    Attribution Non-Commercial (BY-NC)
    Baixe no formato XLS, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 7

    A

    PROBLEM WITH XNPV


    XNPV does not work with zero or negative
    1
    2 Discount rate
    0.00%
    3 Net present value
    #NUM! <-- =XNPV(B2,B6:B12,A6:A12)
    4
    5
    Date
    Cash flow
    6
    30-Jun-07
    -500
    7
    14-Feb-08
    100
    8
    14-Feb-09
    300
    9
    14-Feb-10
    400
    10
    14-Feb-11
    600
    11
    14-Feb-12
    800
    12
    14-Feb-13
    -1,800

    discount rates

    1
    2 Discount rate
    0.00%
    3 Net present value
    -100.00
    4
    5
    Date
    Cash flow
    6
    30-Jun-07
    -500
    7
    14-Feb-08
    100
    8
    14-Feb-09
    300
    9
    14-Feb-10
    400
    10
    14-Feb-11
    600
    11
    14-Feb-12
    800
    12
    14-Feb-13
    -1,800

    QUICK FIX FOR XNPV

    C
    1
    QUICK FIX FOR XNPV
    2
    3 <-- =IF(B2>0,XNPV(B2,B6:B12,A6:A12),IF(B2=0,SUM(B6:B12),"neg rate"))
    4
    5
    6
    7
    8
    9
    10
    11
    12

    1
    PROBLEMS WITH XIRR
    2 Discount rate
    22.00%
    3 Net present value 65.16366 <-- =XNPV(B2,B9:B15,A9:A15)
    4 IRR
    #NUM! <-- =XIRR(B9:B15,A9:A15,B17) , no Guess
    5
    #NUM! <-- =XIRR(B9:B15,A9:A15,35%), Guess = 35%
    6
    #NUM! <-- =XIRR(B9:B15,A9:A15,5%) , Guess = 5%
    7
    8
    Date
    Cash flow
    9
    30-Jun-07
    -500
    10
    14-Feb-08
    100
    11
    14-Feb-09
    300
    12
    14-Feb-10
    400
    13
    14-Feb-11
    600
    14
    14-Feb-12
    800
    15
    14-Feb-13
    -1,800
    16
    17
    XNPV as Function of Discount rate
    80
    18
    60
    19
    20
    40
    21
    20
    22
    23
    0
    24
    0% 3% 6% 9% 12% 15% 18% 21% 24% 27% 30% 33% 36% 39% 42%
    25
    -20
    26
    -40
    27
    28
    -60
    29
    -80
    30
    31
    -100
    32
    -120
    33
    34

    Data table: XNPV as functio


    Rate
    0.1%
    2.5%
    4.9%
    7.3%
    9.7%
    12.1%
    14.5%
    16.9%
    19.3%
    21.7%
    24.1%
    26.5%
    28.9%
    31.3%
    33.7%
    36.1%
    38.5%
    40.9%

    E
    1
    2
    3
    4
    5
    6
    7
    Data table:
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24
    25
    26
    27
    28
    29
    30
    31
    32
    33
    34

    XNPV as function of discount rate


    65.16366 <-- =B3, data table header
    -97.3624
    -42.6661
    -2.16665
    27.01911
    47.1889
    60.17937
    67.46241
    70.22025
    69.40436
    65.78163
    59.97099
    52.47234
    43.6896
    33.94914
    23.51448
    12.59813
    1.37118
    -10.029

    FIXING PROBLEMS WITH XNPV AND XIRR


    The new functions are called NXNPV and NXIRR

    1
    2 Discount rate
    -3.00%
    3 Net present value -195.026 <-- =nXNPV(B2,B9:B15,A9:A15)
    4 IRR
    5.05% <-- =nXIRR(B9:B15,A9:A15,B17) , no Guess
    5
    38.79% <-- =nXIRR(B9:B15,A9:A15,35%), Guess = 35%
    6
    5.05% <-- =nXIRR(B9:B15,A9:A15,5%) , Guess = 5%
    7
    8
    Date
    Cash flow
    9
    30-Jun-07
    -500
    10
    14-Feb-08
    100
    11
    14-Feb-09
    300
    12
    14-Feb-10
    400
    13
    14-Feb-11
    600
    14
    14-Feb-12
    800
    15
    14-Feb-13
    -1,800
    16
    17
    XNPV as Function of Discount rate
    80
    18
    60
    19
    20
    40
    21
    20
    22
    23
    0
    24
    0% 3% 6% 9% 12% 15% 18% 21% 24% 27% 30% 33% 36% 39% 42%
    25
    -20
    26
    -40
    27
    28
    -60
    29
    -80
    30
    31
    -100
    32
    -120
    33
    34

    Data table: XNPV as functio


    Rate
    0.0%
    2.5%
    4.9%
    7.3%
    9.7%
    12.1%
    14.5%
    16.9%
    19.3%
    21.7%
    24.1%
    26.5%
    28.9%
    31.3%
    33.7%
    36.1%
    38.5%
    40.9%

    1
    2
    3
    4
    5
    6
    7
    Data table:
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24
    25
    26
    27
    28
    29
    30
    31
    32
    33
    34

    XNPV as function of discount rate


    -195.026 <-- =B3, data table header
    -100
    -42.6661
    -2.16665
    27.01911
    47.1889
    60.17937
    67.46241
    70.22025
    69.40436
    65.78163
    59.97099
    52.47234
    43.6896
    33.94914
    23.51448
    12.59813
    1.37118
    -10.029

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