Thanks for your reply, that's what I suspected, but it's surprising
that Excel doesn't mention this in the help. On a related matter, do
you think that the XNPV function would be used or called by the XIRR
function? The reason I ask is because it might explain why XIRR, in the
case of a cashflow which has two possible solutions, one of which is
negative, always appears to return the higher result?

Rgds,

Lachlan.