When I calculate on Excel NPV Function I get the above NPV= -$8,738,535.38

WACC: 10.38%

Year Cash Flows Discount Value

0 0

1 -$1,000,000 -$ 905,933.44

2 -$3,000,000 -$2,462,146.18

3 to -$ 750,000 -$5,370,455.77

NPV= -$8,738,535.38

However, when I calculate manually I get the NPV= -$9,297,301.20

NPV = -1000000/(1 + 10.38%)¹- 3000000/(1 + 10.38%)²- (750000/10.38%) / (1 + 10.38%)²

= -905946.13 -2462215.16 - 7224153.30/(1 + 10.38%)²

= -905946.13 - 2462215.16 - 5929139.92

= -$9,297,301.20

I am confused as to what am I doing wrong on my calculations. Am I adding incorrectly manually or is it because perhaps I am using incorrect Excel inputs. Please advise which one is correct?

Thank you!