Is this close to what you need?
=IF(IRR(F9:F14)<0.095,"1stTier",IF(AND(IRR(F9:F14) =0.095,IRR(F9:F14)<0.105),"2ndTier","3rdTier"))

Dan Wrote:
Terms change in my transaction after a specific IRR (internal rate o
return)
is acheived. I can test for what year that IRR is triggered. How d
I
calculated what is the amount in that year to help the step and use th
next
tier of the waterfall

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Ikaabo
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