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NPV(end-Period) * (1+periodic_rate)^.5

It doesn't matter whether your cashflows are quarterly or yearly, what matters is what the periods are that you are using.

If your periods are quarterly, then mid-period would still be the equation I cited above.

The point is, to go from end to mid-period discounting is moving the DCF's up by half a period, which is what the *(1+periodic_rate)^.5 does.

If your annual rate is 8% and periodic rate is then 8%/4, or 2%, then it would be:

*(1+8%/4)^.5

So if your end-period is:

=NPV(2%,F96:CP96)

then mid-period would be:

=NPV(2%,F96:CP96)*(1.02)^(

See attached

Does that help?

Dave

mid-period.xls