Hi,

I need a little help with the NPV function if possible.

The help for the NPV function states that the first argument in the
formula is the rate, that's fine. The second argument is the initial
cost of investment one year from today and that the next argument is
the return from the first year. Is the first year in the same time
period as the year which includes the initial cost or is the first
year effectively the end of the second year assuming that the costs
were all incurred in the first year and the second year is when you
start making money (termed as first year in the help)???

For example what happens if I have this scenario:-

Year 1 - Cost £10000, return £5000
Year 2 - Return £10000
Year 3 - Return £10000
Year 4 - Return £10000

Many thanks in advance

Gary