Newbie NPV vs PV question

[agencia1]

I dunno why I'm stuck on this. Hopefully someone can point out where I am wrong.
I have the following scenario

yr 1 CF 25,000,000 cell F36
yr 2 0 cell G36
yr 3 0 cell H36
yr 4 cell I36

if I get PV of yr 1 CF (25,000,000)
=PV(10%,0,0,25000000)= 25,000,000

but if I do calculate
=NPV(10%,F36:I36) = 22,727,273 is my result

I was thinking the PV and NPV should be the same value of 25,000,000. Why is my NPV calc coming out differently?

 

[DollarsAndCents]

A1: 25000000
a2:0
a3:0
a4:0

=npv(10%,a1:a4)
$22,727,273

=pv(10%,1,0,-25000000)
$22,727,273

 

[agencia1]

=tadNPV(10%,a1:a4, 1, 1, 1, 1)
$25,000,000

=pv(10%,0,0,-25000000)
$25,000,000

Ah thanks Dollars. So the NPV fxn discounts end of period which was the problem. So basically, if I have a series of irregular cash flows where I want to discount at beginning of period, I have to use tadNPV? There's no way to jerry rig things using standard functions?

 

[tusharm]

There's no built in Excel function named tadNPV. Also, if you want the cashflows to be at the start of the periods, just adjust the formula to add the 1st cashflow to the result of the NPV function. So, if you have flows -2, 2, 2, use -2 + NPV(e%,2,2) or the corresponding range references.

Excel help on NPV documents this and also has an example demonstrating how to correctly use NPV in this scenario.

Ah thanks Dollars. So the NPV fxn discounts end of period which was the problem. So basically, if I have a series of irregular cash flows where I want to discount at beginning of period, I have to use tadNPV? There's no way to jerry rig things using standard functions?