Microsoft KB Archive/24284

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SUMMARY
The Microsoft Excel IRR function ignores blank cells. This will cause incorrect results if those blank cells represent zero amounts in the range that is specified.

Example
Suppose you have the following data on a worksheet:

+--+-+  |  |    A    | +--+-+  |1 |  -$5000 |   +--+-+   |2 |         |   +--+-+   |3 |   $1000 |   +--+-+   |4 |   $2500 |   +--+-+   |5 |   $6000 |   +--+-+ You must enter a zero in cell A2 in order to obtain the correct result from the IRR function. Also note that Excel uses an iterative technique to compute IRR, and if the successive results of IRR do not converge to within 0.0000001 after 20 iterations, the #NUM! error is returned.
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Last reviewed: November 4, 1994

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