To better uinderstand the calculation i would like to know how the latest UFCF $(10)$ was cosidered while calculating the NPV and the circumstances that it was considered. As per my iunderstranding teh npv should be calculated based on future cash chow projections and not latest. $($unless it is an investment or If "latest" represents an initial cash flow that occurs at the beginning of the projection period $($essentially at time zero$),$ then it would be included in the NPV calculation witho ut discounting, as NPV assumes the first period is one year away.$)$ Thank you