"magis" wrote:
Can anyone help me get a comfort level on what
the PV is for this series of cash flows?

The short answer is: if you want to compare XNPV()
and NPV() results, use RATE(p,,-1,1+r) for the NPV()
rate, where "r" is the annual rate and "p" is the number
of periods per year.

I think a contributing factor to your discomfort is the
fact that your PV computations seem to be incorrect.
My PV computations differ from yours, but they do match
your XNPV and NPV results under varying assumptions
about the periodic rates.

For a more complete explanation, see my previous
response(s) by using Google Groups or some other
newsreader. For some reason (length?), my other
postings to this thread do not appear in the MS
Community Newsgroups. I know there can be some
delay. But it has been more than 12 hours, and my
other more-recent postings to these newsgroups have
appeared in much less time -- typically under 5 min.

(It will be interesting to see if this one succeeds.)