The formula for discounting any specific period cash flow in period "t" is: Cash flow from period "t" divided by (1+discount rate) raised exponentially to "t-1" Cash flow from period "t" divided by the (discount rate) raised exponentially to Y Cash flow from period "t" divided by (1+discount rate) raised exponentially to Y Cash flow from period Y divided by the (discount rate) raised exponentially to "t-1" The formula for discounting any specific period cash flow in period "t" is: Cash flow from period "t" divided by (1+discount rate) raised exponentially to "t-1" Cash flow from period "t" divided by the (discount rate) raised exponentially to Y Cash flow from period "t" divided by (1+discount rate) raised exponentially to Y Cash flow from period Y divided by the (discount rate) raised exponentially to "t-1