IRR(values [,guess]) 
Returns the interest rate for a series of unequal cash flows at regular intervals (implicit reinvestment rate). 
values  A series of cash flows. 
guess  (Optional) An estimate as to what the rate will be. 
Remarks 
* This function uses an iterative approach to find a solution. * This function assumes all payments are at the end of each period. * A negative number represents any cash you pay out. * A positive number represents any cash you are receive (start with or end with). * If the cash flows are monthly, you need to multiply the value returned by 12 to get an annual rate of return. * The "values" series must contain at least one positive value and one negative value. Example ?? * This function has an implicit assumption that all cash flows you receive are reinvested immediately at the same rate of return. * If the function does not converge, you should try a different value for the "guess". * Using a different "guess" might return a different result if there is more than one possible rate. * If there is more than one acceptable answer, then the first one it finds will be returned. * If the successive results of this function do not converge to within 0.0000001 after 20 iterations, then #NUM! is returned. * Any text, logical values or blank cells are ignored. * If an array or reference argument contains text, logical values, or empty cells, those values are ignored. * If "guess" is left blank, then 0.1 (or 10%) is used. In most cases you will not need to provide a "guess". * You can use the RATE function to return the interest rate for a series of equal cash flows at regular intervals. * You can use the MIRR function to return the interest rate for a series of unequal cash flows at regular intervals (explicit reinvestment rate). * You can use the XIRR function to return the interest rate for a series of unequal cash flows at irregular intervals. * You can use the NPV function to return the present value of a series of unequal cash flows at regular intervals. * In Excel 2010 the accuracy of this function was improved. * The equivalent VBA function is IRR * For the Microsoft documentation refer to support.microsoft.com 

1  What annual interest rate have you received if you pay out £10 initially and then receive £10 after one year. 2  What annual interest rate have you received if you pay out £10 initially and then receive £10 after one month. 3  What annual interest rate have you received if you pay out £10 initially and then receive £10 after one day. 15  Important  The result is 0 which proves that the IRR function has returned the correct rate. 
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