# *Precision *Financial Calculator

#### Example 1-5 __Why I got different NPV from Excel__

I used NPV functioon from Excel and found the result
was different from what I got using this financial calculator. Why?

[**Answer:** The difference is the the way we treat the first cash flow:
is it at the beginning of the period or at the end of the period?]

In this financial calculator, we treat the first cash flow as the begiing of
the period. In the investment project, if the expenses are at the end of the
period, you need to put a zero cash flow at the beginning.

**[Procedures]**

Refer to the previous example. Example 1-4

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