__See Also__ __Example__

**Description**

Returns the internal rate of return for a series of periodic cash flows (payments and receipts).

**Syntax**

**IRR(***valuearray( )***,** *guess***)**

**Remarks**

The internal rate of return is the interest rate received for an investment consisting of payments and receipts that occur at regular intervals.

The **IRR** function uses the following arguments:

**Argument Description**

*valuearray*( ) __Array__ containing cash flow values. The array must contain at least one negative value (a payment) and one positive value (a receipt).

*guess* Value you guess will be returned by **IRR.** In most cases, *guess* is 0.1 (10 percent).

The **IRR** function uses the order of values within the array to interpret the order of payments and receipts. Be sure to enter your payment and receipt values in the correct sequence. The cash flow for each period doesn't have to be constant, as it would for an annuity.

**IRR** is calculated by iteration. Starting with the value of *guess*, **IRR** cycles through the calculation until the result is accurate to within 0.00001 percent. If, after 20 tries, it can't find a result, **IRR** fails.

Because the **IRR** function requires an array of cash flows, it cannot be used as an __expression__ on a form.

**Distribution Note** When you create and distribute applications that use any of the financial functions, you should install the file MSAFINX.DLL in the customer's Microsoft Windows \SYSTEM directory. The Visual Basic __Setup Kit__ provides tools to help you write setup programs that install your applications.