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| 3 |
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IRRT |
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| 4 |
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| 5 |
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Category: |
Discounted Cash Flow |
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Family: |
DCF Specific Times |
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| 7 |
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Arguments: |
Dates, Cashflows, [IRRMinOpt], [IRRMaxOpt],
[IRRAccOpt], [DayCountDisc], [PrdsDisc], [PVTOptions] |
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| 8 |
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Meaning: |
Internal Rate of Return of cashflows at specific
times |
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| 9 |
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Description: |
Returns the IRR
(internal rate of return) of the cashflow represented by Dates and the
corresponding Amounts |
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| 10 |
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| 11 |
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Dates |
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1 Jan 00 |
1 Jan 01 |
1 Jan 02 |
1 Jan 03 |
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| 12 |
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CashFlows |
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(100) |
50 |
50 |
50 |
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| 14 |
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| 15 |
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| 16 |
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| 17 |
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| 18 |
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| 19 |
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DayCount |
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IRRT |
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| 21 |
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Omitted |
Actual Days/Actual
Days In Month ('Decimal Year'). |
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23.3752%
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| 22 |
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30/360 (PSA). |
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23.3752%
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1 |
Actual/Actual
(365 or 366). |
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23.3752%
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2 |
Actual Days/360. |
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22.9832%
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Excel XIRR |
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| 25 |
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3 |
Actual Days/365. |
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23.3371%
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23.3371%
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4 |
30/360
(European). |
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23.3752%
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5 |
Actual
Days/Actual Days In Month ('Decimal Year'). |
Periods |
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23.3752%
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6 |
Actual/Actual (Within Period). |
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23.3752%
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| 31 |
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| 32 |
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| 33 |
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| 34 |
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More Complex Example: |
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| 35 |
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| 36 |
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Dates |
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1 Jan 02 |
1 Jan 03 |
1 Jan 04 |
1 Jan 05 |
1 Jan 06 |
1 Jan 07 |
1 Jan 08 |
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| 37 |
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CashFlows |
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-200 |
100 |
100 |
100 |
100 |
100 |
-300 |
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| 38 |
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Minimum |
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10% |
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Maximum |
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30% |
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Accuracy |
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0.0001% |
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| 41 |
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DayCount |
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3 |
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Periods |
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| 44 |
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| 45 |
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Excels XIRR |
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| 46 |
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IRRT Function |
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19.07%
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#NUM! |
Excel
function fails, presumably, because of multiple roots |
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| 47 |
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| 48 |
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| 49 |
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| 50 |
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| 51 |
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DiscountRate |
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NPV |
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Excel's XNPV |
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| 52 |
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This example has
multiple roots, as follows: |
Root 1 |
0.00% |
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0.00 |
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0.00 |
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| 53 |
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Root 2 |
19.07% |
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0.00 |
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0.00 |
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| 54 |
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Range |
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| 55 |
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From |
To |
Root |
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| 56 |
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(20.00% ) |
(10.00% ) |
#NUM! |
Supposed to be an error. No Root |
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(10.00% ) |
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0.00% |
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10.00%
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0.00% |
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10.00%
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20.00%
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19.07%
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| 60 |
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20.00%
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40.00% |
#NUM! |
Supposed to be an error. No Root |
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| 61 |
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| 62 |
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| 63 |
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| 64 |
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| 65 |
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| 66 |
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| 67 |
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| 68 |
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| 69 |
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| 70 |
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| 71 |
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| 72 |
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| 73 |
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| 74 |
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| 75 |
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| 76 |
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| 77 |
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| 78 |
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| 79 |
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| 80 |
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