6.1.2.6.1.11 Rate

Function Declaration

 Function Rate(NPer As Double, Pmt As Double, PV As Double, 
               Optional FV As Variant, 
               Optional Due As Variant, 
               Optional Guess As Variant) As Double 

Parameter	Description
NPer	Double data value specifying total number of payment periods in the annuity.
Pmt	Double data value specifying payment to be made each period.
Pv	Double data value specifying present value, or value today, of a series of future payments or receipts.
Fv	Double data value specifying future value or cash balance desired after the final payment has been made. If omitted, the data value 0.0 is assumed.
Due	Integer data value specifying when payments are due. Use the data value 0 if payments are due at the end of the payment period, or use the data value1 if payments are due at the beginning of the period. If omitted, the data value 0 is assumed.
Guess	Double data value specifying the estimated value that will be returned by Rate. If omitted, guess is the data value 0.1 (10 percent).

Runtime Semantics.

§ Returns a Double data value specifying the interest rate per period for an annuity.

§ For all arguments, cash paid out (such as deposits to savings) is represented by negative numbers; cash received (such as dividend checks) is represented by positive numbers.

§ Rate is calculated by iteration. Starting with the value of Guess, Rate cycles through the calculation until the result is accurate to within 0.00001 percent. If Rate can't find a result after 20 tries, it fails.