_____ is the number 0 or 1 and indicates when payments are due.

NCERT (2026-27 edition):
PV – “… Type is the number 0 or 1 and indicates when payments are due. The fv and type arguments are optional. The fv argument is the future value or cash balance that we want to have after making last payment. If we omit the fv argument, Excel assumes a future value of zero. The type argument indicates whether the payment is made at the beginning or end of the period: (0 or omit the type argument when the payment is made at the end of the period and use 1 when it is made at the beginning of the period).”