When I run your numbers in a separate range and use your original
formula on it, I get:

G1: =(PRODUCT(1+F1:F12/100)-1)*100
G1: =0.0762640594740516

F1: 1.40%
F2: -5.26%
F3: -3.87%
F4: 2.04%
F5: 3.91%
F6: 4.01%
F7: 2.77%
F8: 0.44%
F9: -1.06%
F10: 2.31%
F11: -3.72%
F12: 4.66%

How do you get the 7.23?

Ron


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