I don't have the book, but perhaps it's because the start date is May 15?
..625 years would be 7.5 months.

--

Vasant



"David" wrote in message
...
I am using Microsoft Press' book Microsoft Excel Data Analysis and Business
Modeling. I have a question regarding Chapter 8, question 3. The answer
uses .625 years for yr 0, 1.625 years for yr 1, etc. when using the IRR
function. Where does the .625 come from?

Thanks,
David