{"text_format":"3","workbook":"xlsx","n_sheets":21,"sheets":["Page 14","Page 15","Page 16","Page 18, top","Page 18, middle","Page 19, bottom","Page 21, top","Page 21, bottom","Page22","Pages24-26","Page 26, bottom","Pages 27-28","Page 29","Page 30","Page 31","Page 32","Page 42","Page 43","Page 44, top","Page 44, bottom","Page 45"],"not_rendered":{"charts":2,"images":2,"macros":1},"read":"whole","date_system":"1900"}

{"sheet":"Page 14","index":0,"n_rows":14,"n_cols":4,"rows_kept":14,"merged":[[0,0,0,3]]}
["COMPUTING THE PRESENT VALUE"]
["Discount rate",{"v":0.1,"d":"10%"}]
[]
["Year","Cash flow","Present\nvalue"]
[1,100,{"$f":"B5/(1+$B$2)^A5","v":{"v":90.9090909090909,"d":"90.9091"}},{"$f":"getformula(C5)","v":"<--  =B5/(1+$B$2)^A5"}]
[2,100,{"$f":"B6/(1+$B$2)^A6","v":{"v":82.64462809917354,"d":"82.6446"}},{"$f":"getformula(C6)","v":"<--  =B6/(1+$B$2)^A6"}]
[3,100,{"$f":"B7/(1+$B$2)^A7","v":{"v":75.13148009015775,"d":"75.1315"}},{"$f":"getformula(C7)","v":"<--  =B7/(1+$B$2)^A7"}]
[4,100,{"$f":"B8/(1+$B$2)^A8","v":{"v":68.30134553650706,"d":"68.3013"}},{"$f":"getformula(C8)","v":"<--  =B8/(1+$B$2)^A8"}]
[5,100,{"$f":"B9/(1+$B$2)^A9","v":{"v":62.0921323059155,"d":"62.0921"}},{"$f":"getformula(C9)","v":"<--  =B9/(1+$B$2)^A9"}]
[]
["Net present value"]
[{"$f":"\"     Summing cells \"&CHAR(COLUMN(C5)+64)&ROW(C5)&\":\"&CHAR(COLUMN(C9)+64)&ROW(C9)","v":"     Summing cells C5:C9"},{"$f":"SUM(C5:C9)","v":{"v":379.07867694084473,"d":"379.08"}},{"$f":"getformula(B12)","v":"<--  =SUM(C5:C9)"}]
["     Using Excel's NPV function",{"$f":"NPV(B2,B5:B9)","v":{"v":379.07867694084473,"d":"379.08"}},{"$f":"getformula(B13)","v":"<--  =NPV(B2,B5:B9)"}]
["     Using Excel's PV function",{"$f":"PV(B2,5,-100)","v":{"v":379.07867694084507,"d":"379.08"}},{"$f":"getformula(B14)","v":"<--  =PV(B2,5,-100)"}]

{"sheet":"Page 15","index":1,"n_rows":13,"n_cols":4,"rows_kept":13,"merged":[[0,0,0,3]]}
["COMPUTING THE PRESENT VALUE\nIn this example the cash flows are not equal\nEither discount each cash flow separately or use Excel's NPV function\nExcel's PV doesn't work for this case"]
["Discount rate",{"v":0.1,"d":"10%"}]
[]
["Year","Cash\nflow","Present\nvalue","Present value\nof each cash flow"]
[1,100,{"$f":"B5/(1+$B$2)^A5","v":{"v":90.9090909090909,"d":"90.9091"}},{"$f":"getformula(C5)","v":"<--  =B5/(1+$B$2)^A5"}]
[2,200,{"$f":"B6/(1+$B$2)^A6","v":{"v":165.2892561983471,"d":"165.2893"}},{"$f":"getformula(C6)","v":"<--  =B6/(1+$B$2)^A6"}]
[3,300,{"$f":"B7/(1+$B$2)^A7","v":{"v":225.39444027047327,"d":"225.3944"}},{"$f":"getformula(C7)","v":"<--  =B7/(1+$B$2)^A7"}]
[4,400,{"$f":"B8/(1+$B$2)^A8","v":{"v":273.2053821460282,"d":"273.2054"}},{"$f":"getformula(C8)","v":"<--  =B8/(1+$B$2)^A8"}]
[5,500,{"$f":"B9/(1+$B$2)^A9","v":{"v":310.46066152957746,"d":"310.4607"}},{"$f":"getformula(C9)","v":"<--  =B9/(1+$B$2)^A9"}]
[]
["Net present value"]
[{"$f":"\"     Summing cells \"&CHAR(COLUMN(C5)+64)&ROW(C5)&\":\"&CHAR(COLUMN(C9)+64)&ROW(C9)","v":"     Summing cells C5:C9"},{"$f":"SUM(C5:C9)","v":{"v":1065.258831053517,"d":"1,065.26"}},{"$f":"getformula(B12)","v":"<--  =SUM(C5:C9)"}]
["     Using Excel's NPV function",{"$f":"NPV(B2,B5:B9)","v":{"v":1065.2588310535168,"d":"1,065.26"}},{"$f":"getformula(B13)","v":"<--  =NPV(B2,B5:B9)"}]

{"sheet":"Page 16","index":2,"n_rows":14,"n_cols":4,"rows_kept":14,"merged":[[0,0,0,3]]}
["COMPUTING THE NET PRESENT VALUE"]
["Discount rate",{"v":0.1,"d":"10%"}]
[]
["Year","Cash flow","Present\nvalue"]
[0,-250,{"$f":"B5/(1+$B$2)^A5","v":{"v":-250,"d":"-250.00"}},{"$f":"getformula(C5)","v":"<--  =B5/(1+$B$2)^A5"}]
[1,100,{"v":90.9090909090909,"d":"90.91"},"<--  =B6/(1+$B$2)^A6"]
[2,100,{"v":82.64462809917354,"d":"82.64"},"<--  =B7/(1+$B$2)^A7"]
[3,100,{"v":75.13148009015775,"d":"75.13"},"<--  =B8/(1+$B$2)^A8"]
[4,100,{"v":68.30134553650706,"d":"68.30"},"<--  =B9/(1+$B$2)^A9"]
[5,100,{"v":62.0921323059155,"d":"62.09"},"<--  =B10/(1+$B$2)^A10"]
[]
["Net present value"]
[{"$f":"\"     Summing cells \"&CHAR(COLUMN(C5)+64)&ROW(C5)&\":\"&CHAR(COLUMN(C10)+64)&ROW(C10)","v":"     Summing cells C5:C10"},{"$f":"SUM(C5:C10)","v":{"v":129.07867694084476,"d":"129.08"}},{"$f":"getformula(B13)","v":"<--  =SUM(C5:C10)"}]
["     Using Excel's NPV function",{"$f":"B5+NPV(B2,B6:B10)","v":{"v":129.07867694084473,"d":"129.08"}},{"$f":"getformula(B14)","v":"<--  =B5+NPV(B2,B6:B10)"}]

{"sheet":"Page 18, top","index":3,"n_rows":16,"n_cols":3,"rows_kept":16,"merged":[[0,0,0,2]]}
["COMPUTING THE VALUE OF A FINITE ANNUITY"]
["Periodic payment, C",{"v":1000,"d":"1,000"}]
["Number of future periods paid, n",5]
["Discount rate, r",{"v":0.12,"d":"12%"}]
["Present value of annuity"]
["     Using formula",{"$f":"B2*(1-1/(1+B4)^B3)/B4","v":{"v":3604.776202345007,"d":"3,604.78"}},{"$f":"getformula(B6)","v":"<--  =B2*(1-1/(1+B4)^B3)/B4"}]
["     Using Excel's PV function",{"$f":"PV(B4,B3,-B2)","v":{"v":3604.7762023450064,"d":"3,604.78"}},{"$f":"getformula(B7)","v":"<--  =PV(B4,B3,-B2)"}]
[]
["Period","Annuity\npayment"]
[1,{"$f":"B2","v":{"v":1000,"d":"1,000.00"}},{"$f":"getformula(B10)","v":"<--  =B2"}]
[2,{"$f":"B10","v":{"v":1000,"d":"1,000.00"}}]
[3,{"$f":"B11","v":{"v":1000,"d":"1,000.00"}}]
[4,{"$f":"B12","v":{"v":1000,"d":"1,000.00"}}]
[5,{"$f":"B13","v":{"v":1000,"d":"1,000.00"}}]
[]
["Present value using Excel's NPV function",{"$f":"NPV(B4,B10:B14)","v":{"v":3604.776202345004,"d":"3,604.78"}},{"$f":"getformula(B16)","v":"<--  =NPV(B4,B10:B14)"}]

{"sheet":"Page 18, middle","index":4,"n_rows":4,"n_cols":3,"rows_kept":4,"merged":[[0,0,0,2]]}
["COMPUTING THE VALUE OF AN INFINITE ANNUITY"]
["Periodic payment, C",{"v":1000,"d":"1,000"}]
["Discount rate, r",{"v":0.12,"d":"12%"}]
["Present value of annuity",{"$f":"B2/B3","v":{"v":8333.333333333334,"d":"8,333.33"}},{"$f":"getformula(B4)","v":"<--  =B2/B3"}]

{"sheet":"Page 19, bottom","index":5,"n_rows":5,"n_cols":3,"rows_kept":5,"merged":[[0,0,0,2]]}
["COMPUTING THE VALUE OF AN INFINITE GROWING ANNUITY"]
["Periodic payment, C",{"v":1000,"d":"1,000"},"<-- Starting at date 1"]
["Growth rate of payments, g",{"v":0.06,"d":"6%"}]
["Discount rate, r",{"v":0.12,"d":"12%"}]
["Present value of annuity",{"$f":"B2/(B4-B3)","v":{"v":16666.666666666668,"d":"16,666.67"}},{"$f":"getformula(B5)","v":"<--  =B2/(B4-B3)"}]

{"sheet":"Page 21, top","index":6,"n_rows":10,"n_cols":3,"rows_kept":10,"merged":[[0,0,0,2]]}
["INTERNAL RATE OF RETURN"]
["Year","Cash flow"]
[0,-800]
[1,200]
[2,250]
[3,300]
[4,350]
[5,400]
[]
["Internal rate of return",{"$f":"IRR(B3:B8)","v":{"v":0.22160309795512223,"d":"22.16%"}},{"$f":"getformula(B10)","v":"<--  =IRR(B3:B8)"}]

{"sheet":"Page 21, bottom","index":7,"n_rows":12,"n_cols":3,"rows_kept":12,"merged":[[0,0,0,2]]}
["INTERNAL RATE OF RETURN"]
["Discount rate",{"v":0.12,"d":"12%"}]
[]
["Year","Cash\n flow"]
[0,-800]
[1,200]
[2,250]
[3,300]
[4,350]
[5,400]
[]
["Net present value (NPV)",{"$f":"B5+NPV(B2,B6:B10)","v":{"v":240.80604203233725,"d":"240.81"}},{"$f":"getformula(B12)","v":"<--  =B5+NPV(B2,B6:B10)"}]

{"sheet":"Page22","index":8,"n_rows":12,"n_cols":3,"rows_kept":12,"merged":[[0,0,0,2]]}
["INTERNAL RATE OF RETURN"]
["Discount rate",{"v":0.22160309793523875,"d":"22.16%"}]
[]
["Year","Cash flow"]
[0,-800]
[1,200]
[2,250]
[3,300]
[4,350]
[5,400]
[]
["Net present value (NPV)",{"$f":"B5+NPV(B2,B6:B10)","v":{"v":4.82358473163913E-8,"d":"0.00"}},{"$f":"getformula(B12)","v":"<--  =B5+NPV(B2,B6:B10)"}]

{"sheet":"Pages24-26","index":9,"n_rows":24,"n_cols":6,"rows_kept":24,"merged":[[0,0,0,5],[3,3,3,4],[14,0,14,3]]}
["USING A LOAN TABLE TO FIND THE IRR"]
["IRR?",{"v":0.15,"d":"15.00%"}]
[]
[{"$nulls":3},"Division of cash flow between investment income and return of principal"]
["Year","Principal\nat beginning of year","Cash flow\nat end of year","Income","Principal"]
[1,{"v":1000,"d":"1,000.00"},300,{"$f":"$B$2*B6","v":{"v":150,"d":"150.00"}},{"$f":"C6-D6","v":{"v":150,"d":"150.00"}},{"$f":"getformula(E6)","v":"<--  =C6-D6"}]
[2,{"$f":"B6-E6","v":{"v":850,"d":"850.00"}},200,{"$f":"$B$2*B7","v":{"v":127.5,"d":"127.50"}},{"$f":"C7-D7","v":{"v":72.5,"d":"72.50"}}]
[3,{"$f":"B7-E7","v":{"v":777.5,"d":"777.50"}},150,{"$f":"$B$2*B8","v":{"v":116.625,"d":"116.63"}},{"$f":"C8-D8","v":{"v":33.375,"d":"33.38"}}]
[4,{"$f":"B8-E8","v":{"v":744.125,"d":"744.13"}},600,{"$f":"$B$2*B9","v":{"v":111.61874999999999,"d":"111.62"}},{"$f":"C9-D9","v":{"v":488.38125,"d":"488.38"}}]
[5,{"$f":"B9-E9","v":{"v":255.74374999999998,"d":"255.74"}},900,{"$f":"$B$2*B10","v":{"v":38.3615625,"d":"38.36"}},{"$f":"C10-D10","v":{"v":861.6384375,"d":"861.64"}}]
[6,{"$f":"B10-E10","v":{"v":-605.8946875,"d":"-605.89"}}]
[]
[]
[]
["Direct calculation of IRR"]
["Year","Cash flow"]
[0,{"v":-1000,"d":"-1,000"}]
[1,{"$f":"C6","v":300}]
[2,{"$f":"C7","v":200}]
[3,{"$f":"C8","v":150}]
[4,{"$f":"C9","v":600}]
[5,{"$f":"C10","v":900}]
[]
["IRR",{"$f":"IRR(B17:B22)","v":{"v":0.24436074261538088,"d":"24.44%"}},{"$f":"getformula(B24)","v":"<--  =IRR(B17:B22)"}]

{"sheet":"Page 26, bottom","index":10,"n_rows":5,"n_cols":3,"rows_kept":5,"merged":[[0,0,0,2]]}
["USING EXCEL'S RATE FUNCTION TO COMPUTE THE IRR"]
["Initial investment",{"v":1000,"d":"1,000"}]
["Periodic cash flow",100]
["Number of payments",30]
["IRR",{"$f":"RATE(B4,B3,-B2)","v":{"v":0.09307339771798744,"d":"9.307%"}},{"$f":"getformula(B5)","v":"<--  =RATE(B4,B3,-B2)"}]

{"sheet":"Pages 27-28","index":11,"n_rows":31,"n_cols":9,"rows_kept":31,"merged":[[0,0,0,8],[20,6,22,8]]}
["MULTIPLE INTERNAL RATES OF RETURN"]
["Discount rate",{"v":0.06,"d":"6%"}]
["NPV",{"$f":"NPV(B2,B7:B11)+B6","v":{"v":-3.9854362682000044,"d":"-3.99"}},{"$f":"getformula(B3)","v":"<--  =NPV(B2,B7:B11)+B6"},{"$nulls":3},"DATA TABLE"]
[{"$nulls":6},"Discount\nrate","NPV"]
["Year","Cash flow",{"$nulls":5},{"$f":"B3","v":{"v":-3.9854362682000044,"d":"-3.99"}},{"$f":"\"Table header, \"&getformula(H5)","v":"Table header, <--  =B3"}]
[0,-145,{"$nulls":4},{"v":0,"d":"0%"},{"v":-20,"d":"-20.00"}]
[1,100,{"$nulls":4},{"v":0.03,"d":"3%"},{"v":-10.507575424608092,"d":"-10.51"}]
[2,100,{"$nulls":4},{"v":0.06,"d":"6%"},{"v":-3.9854362682000044,"d":"-3.99"}]
[3,100,{"$nulls":4},{"v":0.09,"d":"9%"},{"v":0.24085647329212634,"d":"0.24"}]
[4,100,{"$nulls":4},{"v":0.12,"d":"12%"},{"v":2.692549340025778,"d":"2.69"}]
[5,-275,{"$nulls":4},{"v":0.15,"d":"15%"},{"v":3.774234064281501,"d":"3.77"}]
[{"$nulls":6},{"v":0.18,"d":"18%"},{"v":3.801146007767784,"d":"3.80"}]
[{"$nulls":6},{"v":0.21,"d":"21%"},{"v":3.019700068910481,"d":"3.02"}]
[{"$nulls":6},{"v":0.24,"d":"24%"},{"v":1.6230390485557962,"d":"1.62"}]
[{"$nulls":6},{"v":0.27,"d":"27%"},{"v":-0.237122901511583,"d":"-0.24"}]
[{"$nulls":6},{"v":0.3,"d":"30%"},{"v":-2.4414276595572915,"d":"-2.44"}]
[{"$nulls":6},{"v":0.33,"d":"33%"},{"v":-4.895886047904952,"d":"-4.90"}]
[{"$nulls":6},{"v":0.36,"d":"36%"},{"v":-7.52646998518162,"d":"-7.53"}]
[{"$nulls":6},{"v":0.39,"d":"39%"},{"v":-10.274907341794687,"d":"-10.27"}]
[]
[{"$nulls":6},"Note:  For a discussion of how to create data tables in Excel, see Chapter 31. "]
{"$rows_empty":7}
["Identifying the two IRRs"]
["First IRR",{"$f":"IRR(B6:B11,0)","v":{"v":0.0878282738494891,"d":"8.78%"}},{"$f":"getformula(B30)","v":"<--  =IRR(B6:B11,0)"}]
["Second IRR",{"$f":"IRR(B6:B11,0.3)","v":{"v":0.266495007167735,"d":"26.65%"}},{"$f":"getformula(B31)","v":"<--  =IRR(B6:B11,0.3)"}]

{"sheet":"Page 29","index":12,"n_rows":15,"n_cols":6,"rows_kept":15,"merged":[[0,0,0,6]]}
["FLAT PAYMENT SCHEDULES"]
["Loan principal",{"v":10000,"d":"10,000"}]
["Interest rate",{"v":0.07,"d":"7%"}]
["Loan term",6,"<-- Number of years over which loan is repaid"]
["Annual payment",{"$f":"PMT(B3,B4,-B2)","v":{"v":2097.957997583281,"d":"2,097.96"}},{"$f":"getformula(B5)","v":"<--  =PMT(B3,B4,-B2)"}]
[]
[{"$nulls":4},"Split payment into:"]
[null,"Year","Principal\nat beginning of year","Payment at\nend of year","Interest","Return of\nprincipal"]
[null,1,{"$f":"B2","v":{"v":10000,"d":"10,000.00"}},{"$f":"$B$5","v":{"v":2097.957997583281,"d":"2,097.96"}},{"$f":"$B$3*C9","v":{"v":700.0000000000001,"d":"700.00"}},{"$f":"D9-E9","v":{"v":1397.9579975832812,"d":"1,397.96"}}]
[null,2,{"$f":"C9-F9","v":{"v":8602.042002416718,"d":"8,602.04"}},{"v":2097.957997583281,"d":"2,097.96"},{"v":602.1429401691703,"d":"602.14"},{"v":1495.815057414111,"d":"1,495.82"}]
[null,3,{"v":7106.226945002607,"d":"7,106.23"},{"v":2097.957997583281,"d":"2,097.96"},{"v":497.4358861501825,"d":"497.44"},{"v":1600.5221114330986,"d":"1,600.52"}]
[null,4,{"v":5505.704833569508,"d":"5,505.70"},{"v":2097.957997583281,"d":"2,097.96"},{"v":385.3993383498656,"d":"385.40"},{"v":1712.5586592334157,"d":"1,712.56"}]
[null,5,{"v":3793.1461743360924,"d":"3,793.15"},{"v":2097.957997583281,"d":"2,097.96"},{"v":265.5202322035265,"d":"265.52"},{"v":1832.4377653797546,"d":"1,832.44"}]
[null,6,{"v":1960.7084089563377,"d":"1,960.71"},{"v":2097.957997583281,"d":"2,097.96"},{"v":137.24958862694365,"d":"137.25"},{"v":1960.7084089563375,"d":"1,960.71"}]
[null,7,{"v":0,"d":"0.00"}]

{"sheet":"Page 30","index":13,"n_rows":15,"n_cols":6,"rows_kept":15,"merged":[[0,0,0,6]]}
["FLAT PAYMENT SCHEDULES"]
["Loan principal",{"v":10000,"d":"10,000"}]
["Interest rate",{"v":0.07,"d":"7%"}]
["Loan term",6,"<-- Number of years over which loan is repaid"]
["Annual payment",{"$f":"PMT(B3,B4,-B2)","v":{"v":2097.957997583281,"d":"2,097.96"}},{"$f":"getformula(B5)","v":"<--  =PMT(B3,B4,-B2)"}]
[]
[{"$nulls":4},"Split payment into:"]
[null,"Year","Principal\nat beginning of year","Payment at\nend of year","Interest","Return of\nprincipal"]
[null,1,{"$f":"B2","v":{"v":10000,"d":"10,000.00"}},{"$f":"$B$5","v":{"v":2097.957997583281,"d":"2,097.96"}},{"$f":"$B$3*C9","v":{"v":700.0000000000001,"d":"700.00"}},{"$f":"D9-E9","v":{"v":1397.9579975832812,"d":"1,397.96"}}]
[null,2,{"$f":"C9-F9","v":{"v":8602.042002416718,"d":"8,602.04"}},{"v":2097.957997583281,"d":"2,097.96"},{"v":602.1429401691703,"d":"602.14"},{"v":1495.815057414111,"d":"1,495.82"}]
[null,3,{"v":7106.226945002607,"d":"7,106.23"},{"v":2097.957997583281,"d":"2,097.96"},{"v":497.4358861501825,"d":"497.44"},{"v":1600.5221114330986,"d":"1,600.52"}]
[null,4,{"v":5505.704833569508,"d":"5,505.70"},{"v":2097.957997583281,"d":"2,097.96"},{"v":385.3993383498656,"d":"385.40"},{"v":1712.5586592334157,"d":"1,712.56"}]
[null,5,{"v":3793.1461743360924,"d":"3,793.15"},{"v":2097.957997583281,"d":"2,097.96"},{"v":265.5202322035265,"d":"265.52"},{"v":1832.4377653797546,"d":"1,832.44"}]
[null,6,{"v":1960.7084089563377,"d":"1,960.71"},{"v":2097.957997583281,"d":"2,097.96"},{"v":137.24958862694365,"d":"137.25"},{"v":1960.7084089563375,"d":"1,960.71"}]
[null,7,{"v":0,"d":"0.00"}]

{"sheet":"Page 31","index":14,"n_rows":17,"n_cols":5,"rows_kept":17,"merged":[[0,0,0,4]]}
["SIMPLE FUTURE VALUE"]
["Interest",{"v":0.1,"d":"10%"}]
[]
["Year","Account\nbalance, beginning of year","Interest\nearned during year","Total in\naccount, end year"]
[1,{"v":1000,"d":"1,000.00"},{"$f":"$B$2*B5","v":{"v":100,"d":"100.00"}},{"$f":"C5+B5","v":{"v":1100,"d":"1,100.00"}},{"$f":"getformula(D5)","v":"<--  =C5+B5"}]
[2,{"$f":"D5","v":{"v":1100,"d":"1,100.00"}},{"$f":"$B$2*B6","v":{"v":110,"d":"110.00"}},{"$f":"C6+B6","v":{"v":1210,"d":"1,210.00"}},{"$f":"getformula(D6)","v":"<--  =C6+B6"}]
[3,{"$f":"D6","v":{"v":1210,"d":"1,210.00"}},{"v":121,"d":"121.00"},{"v":1331,"d":"1,331.00"}]
[4,{"v":1331,"d":"1,331.00"},{"v":133.1,"d":"133.10"},{"v":1464.1,"d":"1,464.10"}]
[5,{"v":1464.1,"d":"1,464.10"},146.41,{"v":1610.51,"d":"1,610.51"}]
[6,{"v":1610.51,"d":"1,610.51"},{"v":161.05100000000002,"d":"161.05"},{"v":1771.561,"d":"1,771.56"}]
[7,{"v":1771.561,"d":"1,771.56"},{"v":177.1561,"d":"177.16"},{"v":1948.7170999999998,"d":"1,948.72"}]
[8,{"v":1948.7170999999998,"d":"1,948.72"},{"v":194.87171,"d":"194.87"},{"v":2143.5888099999997,"d":"2,143.59"}]
[9,{"v":2143.5888099999997,"d":"2,143.59"},{"v":214.358881,"d":"214.36"},{"v":2357.947691,"d":"2,357.95"}]
[10,{"v":2357.947691,"d":"2,357.95"},{"v":235.7947691,"d":"235.79"},{"v":2593.7424601,"d":"2,593.74"}]
[11,{"v":2593.7424601,"d":"2,593.74"}]
[]
["A simpler way",null,{"$f":"B5*(1+B2)^10","v":{"v":2593.742460100002,"d":"2,593.74"}},{"$f":"getformula(C17)","v":"<--  =B5*(1+B2)^10"}]

{"sheet":"Page 32","index":15,"n_rows":18,"n_cols":6,"rows_kept":18,"merged":[[0,0,0,5]]}
["FUTURE VALUE WITH ANNUAL DEPOSITS"]
["Interest",{"v":0.1,"d":"10%"}]
["Annual deposit",{"v":1000,"d":"1,000"},"<-- Made today and at beginning of each of next 9 years"]
["Number of deposits",10]
[]
["Year","Account\nbalance, beginning of year","Deposit at\nbeginning of year","Interest\nearned during year","Total in\naccount, end year"]
[1,{"v":0,"d":"0.00"},{"v":1000,"d":"1,000"},{"$f":"$B$2*(C7+B7)","v":{"v":100,"d":"100.00"}},{"$f":"D7+C7+B7","v":{"v":1100,"d":"1,100.00"}},{"$f":"getformula(E7)","v":"<--  =D7+C7+B7"}]
[2,{"$f":"E7","v":{"v":1100,"d":"1,100.00"}},{"v":1000,"d":"1,000"},{"$f":"$B$2*(C8+B8)","v":{"v":210,"d":"210.00"}},{"$f":"D8+C8+B8","v":{"v":2310,"d":"2,310.00"}},{"$f":"getformula(E8)","v":"<--  =D8+C8+B8"}]
[3,{"$f":"E8","v":{"v":2310,"d":"2,310.00"}},{"$f":"C8","v":{"v":1000,"d":"1,000"}},{"$f":"$B$2*(C9+B9)","v":{"v":331,"d":"331.00"}},{"$f":"D9+C9+B9","v":{"v":3641,"d":"3,641.00"}}]
[4,{"v":3641,"d":"3,641.00"},{"$f":"C9","v":{"v":1000,"d":"1,000"}},{"v":464.1,"d":"464.10"},{"v":5105.1,"d":"5,105.10"}]
[5,{"v":5105.1,"d":"5,105.10"},{"v":1000,"d":"1,000"},{"v":610.5100000000001,"d":"610.51"},{"v":6715.610000000001,"d":"6,715.61"}]
[6,{"v":6715.610000000001,"d":"6,715.61"},{"v":1000,"d":"1,000"},{"v":771.5610000000001,"d":"771.56"},{"v":8487.171,"d":"8,487.17"}]
[7,{"v":8487.171,"d":"8,487.17"},{"v":1000,"d":"1,000"},{"v":948.7171000000001,"d":"948.72"},{"v":10435.8881,"d":"10,435.89"}]
[8,{"v":10435.8881,"d":"10,435.89"},{"v":1000,"d":"1,000"},{"v":1143.58881,"d":"1,143.59"},{"v":12579.476910000001,"d":"12,579.48"}]
[9,{"v":12579.476910000001,"d":"12,579.48"},{"v":1000,"d":"1,000"},{"v":1357.9476910000003,"d":"1,357.95"},{"v":14937.424601000002,"d":"14,937.42"}]
[10,{"v":14937.424601000002,"d":"14,937.42"},{"v":1000,"d":"1,000"},{"v":1593.7424601000002,"d":"1,593.74"},{"v":17531.1670611,"d":"17,531.17"}]
[]
["Future value",{"$f":"FV(B2,B4,-B3,,1)","v":{"v":17531.167061100023,"d":"17,531.17"}},{"$f":"getformula(B18)","v":"<--  =FV(B2,B4,-B3,,1)"}]

{"sheet":"Page 42","index":16,"n_rows":9,"n_cols":3,"rows_kept":9,"merged":[[0,0,0,2]]}
["USING XIRR TO COMPUTE THE ANNUALIZED INTERNAL RATE OF RETURN"]
["Date","Cash flow"]
["2014-01-01",{"v":-1000,"d":"-1,000"}]
["2014-03-03",150]
["2014-07-04",100]
["2014-10-12",50]
["2014-12-25",{"v":1000,"d":"1,000"}]
[]
["IRR",{"$f":"XIRR(B3:B7,A3:A7)","v":{"v":0.37188269495964044,"d":"37.19%"}},{"$f":"getformula(B9)","v":"<--  =XIRR(B3:B7,A3:A7)"}]

{"sheet":"Page 43","index":17,"n_rows":13,"n_cols":3,"rows_kept":13,"merged":[[0,0,0,2],[12,0,12,2]]}
["USING XNPV TO COMPUTE THE NET PRESENT VALUE"]
["Annual discount rate",{"v":0.12,"d":"12%"}]
[]
["Date","Cash flow"]
["2014-01-01",{"v":-1000,"d":"-1,000"}]
["2015-03-03",100]
["2015-07-04",195]
["2016-10-12",350]
["2017-12-25",800]
[]
["Net present value",{"$f":"XNPV(B2,B5:B9,A5:A9)","v":{"v":16.80083062214061,"d":"16.80"}},{"$f":"getformula(B11)","v":"<--  =XNPV(B2,B5:B9,A5:A9)"}]
[]
["Note that XNPV has a different syntax from  NPV !     \nXNPV requires all the cash flows, including the initial cash flow, whereas NPV assumes that the first cash flow occurs one period hence."]

{"sheet":"Page 44, top","index":18,"n_rows":13,"n_cols":3,"rows_kept":13,"merged":[[0,0,0,2]]}
["PROBLEM WITH XNPV\nXNPV does not work with zero or negative discount rates"]
["Discount rate",{"v":-0.03,"d":"-3.00%"}]
["Net present value",{"$f":"XNPV(B2,B7:B13,A7:A13)","v":{"$error":"#NUM!"}},{"$f":"getformula(B3)","v":"<--  =XNPV(B2,B7:B13,A7:A13)"}]
[null,{"$f":"nXNPV(B2,B7:B13,A7:A13)","v":{"v":-194.8737661095247,"d":"-194.87"}},{"$f":"getformula(B4)","v":"<--  =nXNPV(B2,B7:B13,A7:A13)"}]
[]
["Date","Cash flow"]
["2014-06-30",-500]
["2015-02-14",100]
["2016-02-14",300]
["2017-02-14",400]
["2018-02-14",600]
["2019-02-14",800]
["2020-02-14",{"v":-1800,"d":"-1,800"}]

{"sheet":"Page 44, bottom","index":19,"n_rows":28,"n_cols":6,"rows_kept":28,"merged":[[0,0,0,2]]}
["PROBLEMS WITH XIRR"]
["Discount rate",{"v":0.22,"d":"22.00%"}]
["Net present value",{"$f":"XNPV(B2,B9:B15,A9:A15)","v":64.96186268313352},{"$f":"getformula(B3)","v":"<--  =XNPV(B2,B9:B15,A9:A15)"}]
["IRR",{"$f":"XIRR(B9:B15,A9:A15)","v":{"$error":"#NUM!"}},{"$f":"getformula(B4)&\" , no Guess\"","v":"<--  =XIRR(B9:B15,A9:A15) , no Guess"}]
[null,{"$f":"XIRR(B9:B15,A9:A15,35%)","v":{"$error":"#NUM!"}},{"$f":"getformula(B5)&\", Guess = 35%\"","v":"<--  =XIRR(B9:B15,A9:A15,35%), Guess = 35%"}]
[null,{"$f":"XIRR(B9:B15,A9:A15,5%)","v":{"$error":"#NUM!"}},{"$f":"getformula(B6)&\" , Guess = 5%\"","v":"<--  =XIRR(B9:B15,A9:A15,5%) , Guess = 5%"}]
[]
["Date","Cash flow",null,"Data table:  XNPV as function of discount rate"]
["2014-06-30",-500]
["2015-02-14",100,null,"Rate",{"$f":"B3","v":{"v":64.96186268313352,"d":"64.962"}},{"$f":"getformula(E10)&\", data table header\"","v":"<--  =B3, data table header"}]
["2016-02-14",300,null,{"v":1E-3,"d":"0.1%"},{"v":-97.36643386648188,"d":"-97.366"}]
["2017-02-14",400,null,{"v":0.025,"d":"2.5%"},{"v":-42.75258846180964,"d":"-42.753"}]
["2018-02-14",600,null,{"v":0.049,"d":"4.9%"},{"v":-2.310474758705368,"d":"-2.310"}]
["2019-02-14",800,null,{"v":0.073,"d":"7.3%"},{"v":26.83707585490083,"d":"26.837"}]
["2020-02-14",{"v":-1800,"d":"-1,800"},null,{"v":0.097,"d":"9.7%"},{"v":46.983277802916746,"d":"46.983"}]
[{"$nulls":3},{"v":0.121,"d":"12.1%"},{"v":59.96125836121064,"d":"59.961"}]
[{"$nulls":3},{"v":0.145,"d":"14.5%"},{"v":67.24017625329304,"d":"67.240"}]
[{"$nulls":3},{"v":0.169,"d":"16.9%"},{"v":70.00016374391646,"d":"70.000"}]
[{"$nulls":3},{"v":0.193,"d":"19.3%"},{"v":69.19102187217868,"d":"69.191"}]
[{"$nulls":3},{"v":0.217,"d":"21.7%"},{"v":65.57838789513414,"d":"65.578"}]
[{"$nulls":3},{"v":0.241,"d":"24.1%"},{"v":59.78019616595418,"d":"59.780"}]
[{"$nulls":3},{"v":0.265,"d":"26.5%"},{"v":52.29558383015262,"d":"52.296"}]
[{"$nulls":3},{"v":0.289,"d":"28.9%"},{"v":43.527890164868666,"d":"43.528"}]
[{"$nulls":3},{"v":0.313,"d":"31.3%"},{"v":33.8030192950215,"d":"33.803"}]
[{"$nulls":3},{"v":0.337,"d":"33.7%"},{"v":23.384148582167313,"d":"23.384"}]
[{"$nulls":3},{"v":0.361,"d":"36.1%"},{"v":12.483545956100727,"d":"12.484"}]
[{"$nulls":3},{"v":0.385,"d":"38.5%"},{"v":1.2720917685055042,"d":"1.272"}]
[{"$nulls":3},{"v":0.409,"d":"40.9%"},{"v":-10.113028226149225,"d":"-10.113"}]

{"sheet":"Page 45","index":20,"n_rows":14,"n_cols":3,"rows_kept":14,"merged":[[0,0,0,2]]}
["NXIRR FIXES THE XIRR BUG"]
["Discount rate",{"v":-0.03,"d":"-3.00%"}]
["IRR",{"$f":"nXIRR(B8:B14,A8:A14)","v":{"v":0.05063148498535152,"d":"5.06%"}},{"$f":"getformula(B3)&\" , no Guess\"","v":"<--  =nXIRR(B8:B14,A8:A14) , no Guess"}]
[null,{"$f":"nXIRR(B8:B14,A8:A14,35%)","v":{"v":0.3876950073242189,"d":"38.77%"}},{"$f":"getformula(B4)&\", Guess = 35%\"","v":"<--  =nXIRR(B8:B14,A8:A14,35%), Guess = 35%"}]
[null,{"$f":"nXIRR(B8:B14,A8:A14,5%)","v":{"v":0.05063148498535156,"d":"5.06%"}},{"$f":"getformula(B5)&\" , Guess = 5%\"","v":"<--  =nXIRR(B8:B14,A8:A14,5%) , Guess = 5%"}]
[]
["Date","Cash flow"]
["2014-06-30",-500]
["2015-02-14",100]
["2016-02-14",300]
["2017-02-14",400]
["2018-02-14",600]
["2019-02-14",800]
["2020-02-14",{"v":-1800,"d":"-1,800"}]