#NUM! error when using Rate formula

[CCrew2000]

I'm using a massive file that has several formulas based off of several
assumptions. Long story short is that I'm getting a #NUM! error when I use
the "RATE" formula with certain numbers.

For example, when the formala is:
RATE(10,,-62.8,1058.1) = 32.63%

But if the numbers change to:
RATE(10,,-22.2,3086.0) = #NUM!

Why is the #NUM! error appearing sometimes and not others?

 

[Billy Liddel]

Rate uses iteration to find the value. If a value is not found within 100
tries it returns an error.

=RATE(10,,-22.2,3086,,0.5) returns 64%

the .5 is my estimate of what the value should be.

Using the FV function to check the value rate

=FV(0.64,10,-22.2) returns 4,847.47

while =FV(0.64,9,-22.2) returns 2,942.24

these would correspond to payment made at the start of the period and
payment made at the end of the period.