Business Functions Library for Excel

Function Reference Home Date and Time Calculations Introduction Date Information Introduction DYear DMonth DateYMD DateSeqNum IsSeqDate DayName MonthName IsLeap DaysInMonth IsAnniversary WeekNumber WeekNumberToDate MonthStart MonthEnd NumPers MostRecent MostImminent TimeBaseLengths AnnSeq CreateTimeBase Date Difference Introduction DiffY DiffM DiffD DiffP Date Increment Introduction DpY DpM DpD DpP PrevDateSeq NextDateSeq PrevDateList NextDateList NextDateCombine DatePer EDateBF DateSeq DateSeqCombine Time Period Introduction TpY TpM TpD Occurs Special Dates Introduction Business Days Introduction DpYBD DpMBD DpDBD NextBD PrevBD NextDateSeqBD PrevDateSeqBD IsBD NetWorkDaysBF NextDateListBD PrevDateListBD Holidays Introduction Holiday DescribeHol WhatHol IsHol IsWE WesternEaster CreateDate Discrete Amount Projections Introduction Payments Introduction MkPmtsSeq MkPmts MkPmtsGrow MkPmtsFcst MkPmtsSF MkPmtsLim MkPmtsLag MkPmtsLagProf RePhasePmts TotPmts TotPmtsSF SumBetween DoBetween MatchPmts CarryNeg CarryPos MkPmtsX MkPmtsLagX MkPmtsIdx MkPmtsCats MkPmtsGroup Payments Periodic Introduction MkPmtsPer MkPmtsPerGrow MkPmtsPerFcst MkPmtsIdxPer Payments Market Introduction MkPmtsGrowMkt MkPmtsFcstMkt MkPmtsPerGrowMkt MkPmtsPerFcstMkt Distributed Amount Projections Introduction Time Spread Introduction GSpread UniSpread UniSpreadGrow SCurve SCurveGrow DistSpread FStepSpread TStepSpread MkPmtsWeighted SCumCurve Time Spread Periodic Introduction UniSpreadPer SCurvePer SCurveGrowPer UniSpreadGrowPer Time Spread Weighted Introduction WeightSpread FWeightSpread TWeightSpread Time Spread History Introduction UniSpreadH SCurveH WeightSpreadH FWeightSpreadH TWeightSpreadH DistSpreadH GSpreadH UniSpreadAdj SCurveAdj WeightSpreadAdj FWeightSpreadAdj TWeightSpreadAdj DistSpreadAdj GSpreadAdj Constant Rate Projections Introduction Constant Rate Introduction Con ConGrow AnnGrow RePhaseCon AnnRate ConSF ConIdx ConEvent Constant Rate Periodic Introduction ConPer AnnGrowPer ConGrowPer Constant Rate Market Introduction ConGrowMkt ConFcstMkt ConFcstGrowMkt Constant Rate Revenue Introduction ConRevGrow2 ConRev ConRevGrow ConRevFcst Stepped Rate Projections Introduction Stepped Rate From Introduction FStep FStepGrow FStepGrowX FStepThenGrow FStepFcst FStepGrown FStepSF FStepCombine MultiFStep Stepped Rate To Introduction TStep TStepGrow TStepGrowX TStepThenGrow TStepFcst TStepGrown TStepSF TStepCombine MultiTStep Stepped Rate Market Introduction FStepGrowMkt FStepFcstMkt TStepGrowMkt TStepFcstMkt Stepped Rate Revenue Introduction FStepRev TStepRev FStepRevGrow FStepRevFcst TStepRevGrow TStepRevFcst FStepThenGrowRev TStepThenGrowRev Interpolated and Curve-Fitted Projections Introduction Interpolated and Curve-Fitted Rates Introduction FittedRate Ramp Interpolated and Curve-Fitted Levels Introduction InterpedLevel FittedLevel Instantaneous Level Projections Introduction Levels Introduction Bal Level FLevels TLevels FLevelsGrow TLevelsGrow FLevelsFcst TLevelsFcst FLevelsCombine FLevelsThenGrow TLevelsThenGrow Levels Market Introduction FLevelsGrowMkt TLevelsGrowMkt FLevelsFcstMkt TLevelsFcstMkt Growth Introduction Grow GrowFromTo FGrowStep TGrowStep FGrowStepMkt TGrowStepMkt GrowMkt GrowLin Forecast Introduction Fcst FcstGrow FcstCollar SumFcst FFcstStep TFcstStep IdxFromTo Forecast Specific Times Introduction FcstT TFcstT Levels Over Time Projections Introduction Levels Average Introduction ALevel FALevels TALevels FALevelsGrow TALevelsGrow FALevelsFcst TALevelsFcst FALevelsThenGrow TALevelsThenGrow ALevelGrow Levels Average Market Introduction FALevelsGrowMkt TALevelsGrowMkt FALevelsFcstMkt TALevelsFcstMkt Growth Average Introduction AGrow Projections NPV Introduction NPV Constant Rate Introduction PVCon PVAnnGrow PVConGrow PVConQ NPV Stepped Rate Introduction PVTStep PVTStepQ PVTStepIC PVTStepICQ PVFStep PVFStepIC PVFStepQ PVFStepICQ NPV Payments Introduction PVMkPmtsSF PVMkPmts NPV Time Spread Introduction PVGSpread PVUniSpread PVSCurve PVSCurveGrow PVDistSpread PVFStepSpread PVTStepSpread PVMkPmtsWeighted PVSCumCurve Time Value Of Money Analysis Introduction Basic Interest Rate Conversions Introduction SimpleToSimple SimpleToAER SimpleToCont SimpleToDF AERToSimple AERToCont AERToDF ContToSimple ContToAER ContToDF DFToSimple DFToAER DFToCont Advanced Interest Rate Conversions Introduction SimpleToSimpleX SimpleToAERX SimpleToContX SimpleToDFX AERToSimpleX ContToSimpleX DFToSimpleX RateConvert Annuity Introduction FVM PVM PmtM TermM IntRateM PVEGAnn PVEGAnnM PVEGPerAnn PVEGPerp PVEGPerpM PVEGPerPerp SumEGAnn SumEGAnnM SumEGAnnCont SumLGAnn SumLGAnnM SumLGAnnCont Annuity Extended Introduction PVBF PMTBF RateBF US APR Introduction APRToQuoted QuotedToAPR Discounted Cash Flow Introduction DCF One-Off Introduction PVOne FPVOne TPVOne PVOneQ DCF Annual Introduction PVA IRRA PayBackA PayBackDiscA DurationA AvLifeA DCF Even Intervals Introduction PVE IRRE PaybackE PayBackDiscE DurationE AvLifeE DCF Specific Times Introduction PVT IRRT PayBackT PayBackDiscT DurationT AvLifeT PVTIC IRRTIC PVTX IRRTX PVTCX IRRTCX PVTR IRRTR DCF Dispersed Annual Introduction NPVM IRRM CorrectionM CorrectionCont CorrectionDC DurationM AvLifeM EffTimeM Accounting And Tax Introduction Accounting Introduction Depreciate DepreciatedValue DepPoolWIP DepPoolRatio DepPool DepreciatePer DepreciateGrowPer DepreciateFcstPer DepreciateIdxPer LIFOPrice LIFOCalc Tax Introduction FAvRate TAvRate FAvRateTD TAvRateTD Mathematical Calculations Introduction Statistics Introduction LinReg BestPoly SignChanges RSqrdPoly PolyEqn CalcPoly PolyReg Range Operations Introduction Range Lookup Introduction LookupNum LookupN SeekNum PickNum SortPick LookUpNum2D PickMatrix LookupNIndex Seek SeekList SortNum FindIf Range Sum Introduction DoBetweenX SumCat SumCats SumPos SumNeg SumDiv SumBounds SumSubRange SumCombine SelCats Range Reference Introduction Coordinates WorkSheetName RefPlus GetRef Range Calcs Introduction MinBetween MaxBetween MeanNZ WeightAv Range Information Introduction RangeDir Range Manipulation Introduction SortText ApplyToList CombineLists TransposeNum Unique Interpolation Introduction Interp Interpolate InterpDate InterpolateDate Intersection Simulation Modelling Introduction Monte Carlo Introduction Distribution PartialDependency DistCumulative DistUniform DistTriangular DistDoubleTri DistNormal DistLogNormal RandNum NRandom PickRandom DescribeDistType CumProb Real Estate Introduction Rent Introduction RentGrow RentFcst Rent From Introduction FStepRent FStepRentGrow FStepRentFcst FStepRentFcstCollar Rent To Introduction TStepRent TStepRentGrow TStepRentFcst TStepRentGrowCollar TStepRentFcstCollar Rent Reletting Introduction RentFcstR RentGrowR FStepRentGrowR FStepRentFcstR TStepRentGrowR TStepRentFcstR TStepRentGrowSFR FStepRentGrowSFR TStepRentFcstSFR FStepRentFcstSFR UK Valuation Introduction CapValue EqYield CapValueG EqYieldG CapValueGD EqYieldGD NomToTrue TrueToNom YPP YPPDef YPA YPADef CapValueGrowGD CapValueFcstGD EqYieldGrowGD EqYieldFcstGD UK Valuation DCF Introduction CapValueDCF EqYieldDCF CapValueDCFG EqYieldDCFG CapValueDCFGD EqYieldDCFGD NomToTrueDCF TrueToNomDCF YPADefDCF YPPDefDCF TheorYield ImpGrowth ImpDiscRate PVRent TWRR NPV Rent Projections Introduction PVRentGrow PVRentFcst PVTStepRent PVTStepRentGrow PVTStepRentFcst PVTStepRentGrowR PVTStepRentFcstR PVTStepRentGrowIC PVTStepRentGrowRIC PVTStepIdxRentGrowR PVTStepIdxRentFcstR Retail Rent Introduction TStepGTurnRentGrow TStepGTurnRentGrowR Index Rent Introduction IdxRentGrowR IdxRentFcstR IdxRentGrowMktR IdxRentFcstMktR TStepIdxRentGrowR TStepIdxRentFcstR Real Estate Costs Introduction LetCostR LetCostRQ LeasingFeeGrowR FServChargeR ServChargeGrowR ServChargeFcstR FServChargeGrowR FVacServChargeR VacServChargeGrowR VacServChargeFcstR LeasingFeeFcstR Real Estate Costs UK Introduction UKRatesGrow UKRatesFcst UKRatesGrowR UKRatesFcstR UKEmptyRatesFcstR UKEmptyRatesGrowR Lease Information Introduction LeaseEnd ReletOccurs RentDateInfo RentEventOccurs RentEvent LastReview NextReview LastReviewR NextReviewR LeaseInfo Occupancy LeaseDates Banking Introduction Interest Introduction Interest FInterest TInterest TotInterestSF InterestX PVFInterest PVInterestX PVInterest Yield Curve Introduction ZeroCoupon FutureToSpot SpotToSpot Loan Introduction Loan LoanX LoanLin LoanLinX Mortgage MortgageQ LoanPool MortgagePool IdxBondGrow IdxBondFcst Residual Cash Introduction Overdraft CashAcct FlexAcct CurrentAcct STDAcct LoanAcct LoanAcctEM Equity Trading Introduction BetaIndex BetaReturns DescribeReturn TotalReturn Options Introduction OptionBS OptionBinom OptionMonte Petroleum Economics Introduction Petroleum Engineering Introduction STOIIP Decline Curve Introduction Decline DeclineRate DescribeDecline ProdProf AbandonDate StartDecline Text Introduction Numbers To Text Introduction MoneyText Text String Introduction GetToken GetTokens InString ExInt ExFl Miscellaneous Introduction Special Arithmetic Introduction StdEq DiffGaps AddGaps Rounding Introduction SRound SFloor SCeiling RoundWeekDay RoundMonthDay RoundMD RoundDateSeq DateRound DateFloor DateCeiling Disperse RoundList Library Information Introduction BFVer DescribeLoanAcctOutput DescribeCombineSwitch DescribePmtsPerYear DescribeLevelSwitch DescribeBD DescribeDayCount DescribePeriods DescribeLookup DescribeRounding DescribeLoanOutput DescribeShape ArgValues Flow Of Control Introduction Switch SwitchR SwitchT SwitchRT IfElse IfElseR IfElseT IfElseRT Comparisons Introduction CollarDate InBetween Collar Excel Information Introduction Ev	Note: In order to use the spreadsheet examples, you need to download Business Functions
	PVCon (NPVDate, DisAER, Start, Finish, AnnualRate, [DayCount], [CashBasis], [DayCountDisc], [PrdsDisc])
	Present Value of a Con Function
	This function calculates the Net Present Value of the constant rate Con function, without having to do the individual cell calculations, which are done internally within the function.
	General
	In Projections NPV functions and some of Real Estate Valuation functions there are two sets of DayCount parameters, instead of the usual one: There is the DayCount/CashBasis combination, which describes when payments are made in the cashflow to be NPV"d. We need CashBasis because to get an NPV we need cash flow not accruals, and therefore the Periods is called CashBasis in this case. There is an extra set of daycount variables, DayCountDisc/PrdsDisc which describe how you would like the time to be measured between the NPV date and the time of each cash flow. Because an Annual Discount Rate is used, ØDiscountRateAERØ, this extra set is used to determine the number of years between the two points, just like DiffY. In a great many cases all 4 parameters can be defaulted just by omitting them, in which case the defaults are (as usual): For distributing the cashflow, DayCount would be ACTM/12 and CashBasis would be Quarterly in Advance (Jan 01 etc) For discounting the cashflow DayCountDisc would be ACTM/12 DayCount, and ØPeriodsDiscØ is not used. In designing these functions, it was considered that 4 variables to describe DayCount was unfortunate in that it asked the user a lot of questions. However, it is necessary to have all four (even if they are defaulted) because the two uses of DayCount they are describing are quite different - one relating to the specification of cash flow itself, and the other relating to how that cashflow is discounted. These functions are essentially combinations of the the underlying projections function (eg PVCon, PVUniSpread) and the discounting function PVT, both of which require DayCount variables for their own different purposes. A common misconception is to think that whilst the Daycount variables for the cashflows are needed (DayCount/CashBasis), the other, discounting set are superfluous. Whilst you can let them default, in which case the default daycount method is used, you should not forget them because they determine the length of time that the cash flows are to be discounted. Excels NPVX function, for example, uses ACT/365 (with no choice of alternatives) which is really not very suitable for periods of time longer than a year and would lead to errors over long periods. Business Functions gives you the choice of daycount method because it can really make a difference. Tip: When you have a large number of optional variables like in projections NPV functions you may want to default some but not others. Simply leaving a blank (ie nothing) inbetween the the commas of the variable you want defaulted will signal a missing value within the function and trigger the default for that variable.
	Example PVCon.xls

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General

Example