In using the IRR function, I supply a guess. Most of the time I use -0.9.
Sometimes in dealing with a life insurance policy, I have to provide
alternate guesses - sometime I use the prior year IRR as the guess for the
current year.

And then we have my current problem. 17th policy year which has a huge drop
in the death benefit of the policy. The IRR function does not give an answer
but returns different error values based on the guess.

If I use -0.9, the error is #Div/0!

If I use the prior year's result of 1.77%, I get #Value!

What is the significance of the change in the error from Div/0 vs.#Value in
the IRR calc? Does #Value mean it got close before giving up?