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Default NPV vs XNPV

Hi there,

hoping someone can clarify something....

Why do you get different NPV values using NPV and XNPV, if the timeframes
are equal distance for the XNPV calculation?

I understand XNPV is for when the cashflow is not periodic??

But surely if the dates are periodic (in this case annually over 12 years)
it should give the same result as the standard NPV calculation?
 
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