Hi Joel

No that did not work. I removed all $ signs and that did not help.

I found that using different discount rates gives a different constant error
but cannot figure out the correlation between discount rate and the constant.

The table below shows the discount rate v constant error

0% 1.0000
5% 0.2371
8% 0.1033
10% 0.0601
12% 0.0353
15% 0.0162

Maybe you can help.

Many Thanks

"joel" wrote:

Try removing the dollar sign in front of the 1st $D65.

"Jolly" wrote:

I have a set of numbers by year and am trying to get the NPV on forward
basis. I used the Offset function to allow for NPV on different dates.
However, the same set of numbers gives a different result if entered in
columns v rows. The difference is always out by .06001. Could someone explain
why or what I am doing wrong?

Data in a ROW
=NPV(U$64,OFFSET($D65,0,Lookforward,1,COLUMNS($D65 :$R65)-Lookforward))*(1+U$64)^0.5

Data in a Column
=NPV($U58,OFFSET($Q$11,Lookforward,0,ROWS($Q$11:$Q $40)-Lookforward),1)*(1+$U58)^0.5