My question is mathematically NPV decreases as discount rate increases, but logically shouldn’t the NPV start with a negative value (cash outflow) @ 0% discount rate?

, I am trying to understand the NPV curve, what I know that it increases as the discount rate decreases, BUT I found curves with “multiple IRRs” showing that the NPV is negative at 0% discount rate , now logically the cash outflow at yr0 (0% discount rate) is negative.

If you will separate the investment at T0 from the PV of future cash flows, it might make more sense. The higher the discount rate, the lower the PV of future cash flows.

Investment (100,000) with an Annuity of 5,000, N 20,

at 0%, PV = 100,000. NPV = 0

at 6%, PV = 57,350….NPV = (42,650)

at 10%, PV = 42,568. NPV = (57,432)

How could NPV be negative, if the PV of future cash flows equals the investment?