I'm reviewing someone else's excel model and I've run across something
I hadn't seen before. This is a repeated function in what appears to
be a 5x5 table. Obviously, D19 and D21 are referring to specific
cells. When I change those reference cells, the table changes.
However, I can't figure out where the results within this table are
coming from? For finance types, the results within the table are
IRRs, and the table is a sensitivity analysis (based on the D19 and
D21 reference cells) but I can't see where it's drawing from.

Any help would be appreciated.

Thanks.