Be sure to enter your payment and income values in the sequence you want. IRR uses the order of values to interpret the order of cash flows. Values must contain at least one positive value and one negative value to calculate the internal rate of return. An array or a reference to cells that contain numbers for which you want to calculate the internal rate of return. The IRR function syntax has the following arguments: The internal rate of return is the interest rate received for an investment consisting of payments (negative values) and income (positive values) that occur at regular periods. However, the cash flows must occur at regular intervals, such as monthly or annually. These cash flows do not have to be even, as they would be for an annuity. Returns the internal rate of return for a series of cash flows represented by the numbers in values. This article describes the formula syntax and usage of the IRR function in Microsoft Excel.
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