XIRR merely *reports* the annual effective rate. Internally it
iterates the daily effective rate that is required to secure an NPV of
0 for a schedule of cash flows received at given dates. That rate is
then converted to the annual effective rate.
If you want the equivalent APR12 (more correctly known as Nominal
compounded monthly) or APR4 (Nominal compounded quarterly) of the
annual effective rate you can convert using:
=(1+AnnEff)^(1/Freq)-1
Where Freq is the number of compounding periods per year for the APR.
--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
(e-mail address removed)
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