Hi Keith,

If you supply a guess of 2% as the second argument to the IRR you'll probably get the right answer

--
Kind regards,

Niek Otten
Microsoft MVP - Excel

"Keith" wrote in message ...
|I am attempting to use the IRR function with a series of 121 payments. The
| first is positive, and all others are negative. When entering the function,
| the result displays as #NUM! I rechecked, and all are numbers. What's going
| on.
|
| I've pasted the numbers below for anyone who would like to try this. Note
| that the first payment is larger than the others. The first part of the
| series,
| 10,000, -309, -175 is as intended.
|
| I wonder what is going on, and how I can make this work.
|
| Thanks very much.
|
| 10,000
| -309
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
| -175
|