Excel: IRR and MIRR Return #NUM Error

 Last reviewed: November 29, 1994
Article ID: Q23601
The information in this article applies to:
  • Microsoft Excel for the Macintosh, versions 1.x, 2.2, 3.0, 4.0

SUMMARY

The IRR and MIRR functions must be supplied with an array of values and an estimated value from which the result can be calculated within 20 iterations; otherwise, the function returns the #NUM error (if an estimate is omitted, Microsoft Excel uses 10 percent as a starting point).

Two reasons the function may not converge to a result are:

  1. The estimate is not accurate enough for the function to converge within the required 20 iterations.

  2. The array contains values that cannot converge to a correct value.

For the functions to operate properly, the first value in the array must be a negative number. This first value is the initial investment. If this number is positive, the internal rate of return will be infinite.

If the estimated value is not accurate enough, you must guess higher or lower values until the function can converge.

KBCategory: kbusage
KBSubcategory:

Additional words: 1.0 1.00 1.03 1.04 1.06 1.5 1.50 2.2 2.20
3.0 3.00 4.0 4.00

THE INFORMATION PROVIDED IN THE MICROSOFT KNOWLEDGE BASE IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. MICROSOFT DISCLAIMS ALL WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL MICROSOFT CORPORATION OR ITS SUPPLIERS BE LIABLE FOR ANY DAMAGES WHATSOEVER INCLUDING DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, LOSS OF BUSINESS PROFITS OR SPECIAL DAMAGES, EVEN IF MICROSOFT CORPORATION OR ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES SO THE FOREGOING LIMITATION MAY NOT APPLY.

Last reviewed: November 29, 1994
© 1998 Microsoft Corporation. All rights reserved. Terms of Use.