IRR function
Returns a Double specifying the internal rate of return for a series of periodic cash flows (payments and receipts).
Syntax
IRR(values(), [ guess ])
The IRR function has these named arguments:
Part | Description |
---|---|
values() | Required. Array of Double specifying cash flow values. The array must contain at least one negative value (a payment) and one positive value (a receipt). |
guess | Optional. Variant specifying value that you estimate will be returned by IRR. If omitted, guess is 0.1 (10 percent). |
Remarks
The internal rate of return is the interest rate received for an investment consisting of payments and receipts that occur at regular intervals.
The IRR function uses the order of values within the array to interpret the order of payments and receipts. Be sure to enter your payment and receipt values in the correct sequence. The cash flow for each period doesn't have to be fixed, as it is for an annuity.
IRR is calculated by iteration. Starting with the value of guess, IRR cycles through the calculation until the result is accurate to within 0.00001 percent. If IRR can't find a result after 20 tries, it fails.
Example
In this example, the IRR function returns the internal rate of return for a series of 5 cash flows contained in the array Values()
. The first array element is a negative cash flow representing business start-up costs. The remaining four cash flows represent positive cash flows for the subsequent 4 years. Guess
is the estimated internal rate of return.
Dim Guess, Fmt, RetRate, Msg
Static Values(5) As Double ' Set up array.
Guess = .1 ' Guess starts at 10 percent.
Fmt = "#0.00" ' Define percentage format.
Values(0) = -70000 ' Business start-up costs.
' Positive cash flows reflecting income for four successive years.
Values(1) = 22000 : Values(2) = 25000
Values(3) = 28000 : Values(4) = 31000
RetRate = IRR(Values(), Guess) * 100 ' Calculate internal rate.
Msg = "The internal rate of return for these five cash flows is "
Msg = Msg & Format(RetRate, Fmt) & " percent."
MsgBox Msg ' Display internal return rate.
See also
Support and feedback
Have questions or feedback about Office VBA or this documentation? Please see Office VBA support and feedback for guidance about the ways you can receive support and provide feedback.
피드백
https://aka.ms/ContentUserFeedback
출시 예정: 2024년 내내 콘텐츠에 대한 피드백 메커니즘으로 GitHub 문제를 단계적으로 폐지하고 이를 새로운 피드백 시스템으로 바꿀 예정입니다. 자세한 내용은 다음을 참조하세요.다음에 대한 사용자 의견 제출 및 보기