A	B	C	D	E	F	G	H	I	J	K	L	M	N
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3		PVA
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5		Category:	Discounted Cash Flow
6		Family:	DCF Annual
7		Arguments:	NPVDate, DisAER, AnnualCashFlows, StartAnnDate, [DCountDisc], [StartDCF], [FinishDCF]
8		Meaning:	Present Value of an annual stream of cashflows
9		Description:	Calculates the Net Present Value of a series of annual cashflows.  It is the simplest of the DCF (Discount Cash Flow) functions.
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12			Start Ann Date	1 Jan 02
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14		CashFlows	(100)	50	60	70
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18			Discount Rate AeR	NPV Date	DayCount						NPV		Excel NPV
19			10.00%	1 Jan 01	Omitted	Actual Days/Actual Days In Month ('Decimal Year').					43		43
20			10.00%	1 Jan 02		30/360 (PSA).					48
21			10.00%	1 Jan 00	1	Actual/Actual (365 or 366).					39
22			23.38%	1 Jan 00	2	Actual Days/360.					11
23			23.38%	1 Jan 00	3	Actual Days/365.					11
24			11.69%	1 Jan 00	4	30/360 (European).					35
25			11.69%	1 Jan 00	5	Actual Days/Actual Days In Month ('Decimal Year').					35
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27			Using StartDCF to NPV a subrange
28						StartDCF	FinishDCF
29			11.69%	1 Jan 01	5	1 Jan 03	1 Jan 04				40	40
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33			Notes:	n  DayCount is only used to determine the difference between the NPVDate and the StartAnnDate.
34				n  Cashflows are considered to be exactly one year apart regardless of DayCount.
35				n  StartAnnDate is the date of the FIRST annual cashflow.  Therefore for like for like comparison with Excel's NPV function
36				NPV Date should be 1 year before the start of cashflows, StartAnnDate (because NPV uses end of year discounting by default).
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