I think youre missing the CF out. You need to start with cash flowing out
(or some kind of borrowed funds) to finance a project. Try this function:
=XIRR(B1:B10,A1:A10,0.05)

A1:A10, contains the following:
1-Nov-07
1-Nov-07
1-Nov-08
1-May-09
1-Nov-09
1-May-10
1-Nov-10
1-May-11
1-Nov-11
1-May-12

B1:B10 contains the following:
-500
100
100
100
100
100
100
100
100
100

The result is: 30.87%



--
RyGuy


"JEFF" wrote:

Hello,

I have the following variable payment schedule, and associated dollar
amounts. What is the best way to determine the present value, using 5%?

November 1, 2007 100
November 1, 2008 100
May 1, 2009 100
November 1, 2009 100
May 1, 2010 100
November 1, 2010 100
May 1, 2011 100
November 1, 2011 100
May 1, 2012 100


TIA!