How to calculate IRR (Internal Rate Of Return) in Excel IRR is the acronym for Internal Rate Of Return .It is defined in the terms of NPV or Net Present Value. This may be caused by failure to use the negative or positive sign with regards to cash flow conventions. The RATE function also requires the ‘nper’ argument to be the total number of loan payment periods. An investor purchased a share at a price of $5 and he had purchased 1,000 shared in year 2017 after one year he decides to sell them at a price of $ Ensure that this number is inputted in the correct units. One advantage of using IRR, which is expressed as a percentage, is that it normalizes returns: everyone understands what a 25% rate means, compared to a hypothetical dollar equivalent (the way the NPV is expressed). Calculate the rate of return on stock A Although appealing to more refined tastes, art as a collectible has not always performed so profitably. The RATE Excel's IRR function calculates the internal rate of return for a series of cash flows, assuming equal-size payment periods. You will notice that cell C7 is set to negative in the formula. Whether you're doing a what-if analysis to determine how to invest your company's money or you're looking backwards to see how an investment performed, calculating an Thanks for reading CFI’s guide to important Excel functions! This tutorial explains the syntax of the Excel IRR function and shows how to use an IRR formula to calculate the internal rate of return for a series of annual or monthly cash flows. So now we have 5 instead of 10 by dividing with 2. How to Calculate Your Personal Rate of Return To determine your personal rate of return, follow these steps: 1. The Excel RATE function is a financial function that returns the interest rate per period of an annuity. Calculating CD Interest An investor gives a bank money in exchange for a promise to keep the money with the bank for a certain amount of time. With defined monthly periods, we will get the exact IRR. Time Weighted Return = ((1+Holding Period Return at time 1) * You can use this to determine the return on a stock or set of stocks over a given time period, effectively relying on Excel to do the math for you as you tweak variables for the time range you want. Discounted cash flow (DCF) is a valuation method used to estimate the attractiveness of an investment opportunity. Home Formulas How to Quickly Calculate Ratio in Excel. What would the interest rate be for this loan? Download the Excel template with bar chart, line chart, pie chart, histogram, waterfall, scatterplot, combo graph (bar and line), gauge chart. Internal rate of return is calculated such that the net present value of an investment yields zero, and therefore allows the comparison of the performance of unique investments over varying periods of time. You can use RATE to calculate the periodic interest rate, then multiply as required to derive the annual interest rate. If you are unfamiliar with this sort of calculation, here is an easier way to remember the concept of NPV: NPV = (Today's value of the expected future cash flows) - (Today's value of invested cash). For a financial analyst, the RATE function can be useful to calculate the interest rate on zero coupon bonds. The internal rate of return’s shortcomings derive from the assumption that all future reinvestments will take place at the same rate as the initial rate. For both examples, we'll use the following data set: Here is a simple example of an IRR analysis with cash flows that are known and consistent (one year apart). Figure 1. Easy to understand. Loan payments are $152.50. The internal rate of return (IRR) is a core component of capital budgeting and corporate finance. How to calculate IRR (Internal Rate Of Return) in Excel. These advanced Excel formulas are critical to know and will take your financial analysis skills to the next level. If faced with two projects with similar risks, Project A with 25% IRR and Project B with 50% IRR, but Project A has a higher NPV because it is long-term, you would pick Project A. IRR is the acronym for Internal Rate Of Return.It is defined in the terms of NPV or Net Present Value.The IRR can be stated as the discount rate that makes the NPV of all cash flows ( both positive and negative cash … To understand the uses of the function, let us consider an example: Suppose the following situation. The RATE function is categorized under Excel Financial functions. Apply the above-mentioned formula to calculate investment return in excel. Though the IRR function in Excel is designed for calculating the internal return rate, it can also be used for computing the compound growth rate. The RATE function will output the rate for the period that the loan payments are in. #NUM! Calculate rate of return for a share of stock in Excel For example, you purchased the stock on 2015/5/10 at $15.60, sold it on 2017/10/13 at $25.30, and get dividends every year as below screenshot shown. Businesses use it to determine which discount rate makes the present value of future after-tax cash flows equal to the initial cost of the capital investment. the excel spreadsheet in the related link has an example. 3,50,000 and after 3 years in Jan 2018 he has sold the same property for Rs. Now I just hit enter, and Excel calculates that my internal rate of return on my Microsoft stock was 0.2373. Learn how to calculate IRR in Excel or an IRR calculator. For the initial investment of $10,000, the earnings of the 1 st, 2 nd, 3 rd, and 4 th quarters are given in the above table. Unfortunately, there are also several critical disadvantages with using the IRR to value projects. Nominal Interest Rate – Inflation Rate = Real Rate of Return. 2. Hi, I have a big scenario of a project that is explained into detail listing what is needed to be built including all time frames, cost and risk factors etc. If there was no negative in C7, this formula would output a #NUM! Financial calculators and software like Microsoft Excel contain specific functions for calculating IRR. If you would like to calculate a year to date return and/or For this reason, we assumed incremental returns at the risk-free rate of 2%, giving us a MIRR of 33%. To keep track of ARR more comprehensively, it may be a good idea to use a spreadsheet tool like Microsoft Excel. As long as the financing cost is less than the rate of potential return, the project adds value. Return is defined as the gain or loss made on the principal amount of an investment and acts as an elementary measure of profitability. This gives the The IRR can be stated as the discount rate that makes the NPV of all cash flows ( both positive and negative cash … =GEOMEAN(number1, [number2], ...) 1. number1: This is a number or cell reference that refers to the first value 2. number2 [optional]: This is a number or cell reference that refers to the second value Here, the initial investment is entered with a negative sign as its showing payment outgoing, and the quarterly earnings are represented by positive values. If RATE does not converge, attempt other values for this input. Mr. A has bought the property on Jan 2015 for Rs. You should always pick the project with the highest NPV, not necessarily the highest IRR, because financial performance is measured in dollars. HI Guys, This video will teach you how to calculate NPV (Net Present Value) and Internal Rate of Return (IRR) in Excel. Learn about the Compound Annual Growth Rate Formula. in … This result is actually a percentage, an IRR of 23.73%. This result is actually a percentage, an IRR of 23.73%. How to calculate IRR in Excel with formulas Microsoft Excel provides 3 functions for finding the internal rate of return: IRR - the most commonly used function to calculate the internal rate of return for a series of cash flows that. This is because the loan would be gaining C7 on a monthly basis (cash inflow of monthly payments). The best way to calculate your return is to use the Excel XIRR function (also available with other spreadsheets and financial calculators). The other big one is that ROI only measures from an arbitrary end … If this situation was to be calculated from the perspective of the bank issuing the loan to the borrower, C7 would instead be a positive and C6 would be the negative number. The worksheet first calculates the Holding Period Return of the Cash inflow and outflow of each period. Excel allows a user to get the monthly internal rate of return of an investment using the XIRR function. Broken down, each period's after-tax cash flow at time t is discounted by some rate, r. The sum of all these discounted cash flows is then offset by the initial investment, which equals the current NPV. But the accurate formula is shown below: Let me explain this concept with an example. =RATE(nper, pmt, pv, [fv], [type], [guess]) The RATE function uses the following arguments: 1. You look at the return of the S&P 500 for the last year and find out that the return is over 11%. Using the example above, the nper inputted is 60 because it is 5 years multiplied by 12 months per year. In order to find the annual interest rate, you will need to multiply the quarterly interest rate outputted by the RATE function by 12. If pmt is omitted, fv must be inputted. For example, you could also put your money in a savings account at an interest rate of 10%. This step by step tutorial will assist all levels of Excel users to learn how to calculate the monthly IRR in Excel. Keep in mind that the IRR is not the actual dollar value of the project, which is why we broke out the NPV calculation separately. Want to calculate inflation-adjusted return from your investment? Free online CAGR Calculator for estimating annualized returns. Simple to apply. The profitability index (PI) rule is a calculation of a venture's profit potential, used to decide whether or not to proceed. Several forms of returns are derived through different mathematical calculations and among these, average or arithmetic return is widely used. To get a Real Rate of Return, you have to deduct the Inflation Rate from the Nominal Interest Rate (or your yearly return). You can calculate an annualized rate of return using any investment period, as long as all the periods are the same. The following Excel worksheet Time Weighted Rate of Return in the Rate of Return.xls spreadsheet describes how to calculate the Time-Weighted Rate of Return. 6,00,000. r = (x(t) – x 0)^ 1/y – 1Where r is the internal rate of return (%) x(t) – x 0 is the final value – the initial investment Download the free Excel template now to advance your finance knowledge! Calculating internal rate of return (IRR) can be tedious if you have multiple cash flow periods to work with. There are two ways to calculate IRR in Excel: The second method is preferable because financial modeling works best when it is transparent, detailed, and easy to audit. 3. The cell shows the average annual rate of return after Excel finishes calculating it. For example, you can use months rather than years. over which the loan or investment is to be paid. Calculating the internal rate of revenue might seem tricky for multiple cash flow periods. Excel's IRR function. ⇒How to calculate mutual fund returns in excel using “Compounded Annual Growth Rate or CAGR concept” The time value of money is an essential part of financial markets. To do this, we simply use the Excel IRR function: Modified Internal Rate of Return (MIRR) When a company uses different borrowing rates of reinvestment, the modified internal rate of return … The formula to calculate the true standard deviation of return on an asset is as follows: where r i is the rate of return achieved at i th outcome, ERR is the expected rate of return, p i is the probability of i th outcome, and n is the number of possible outcomes. For "r" and "n", you can simply press on the The IRR cannot be derived easily. Businesses will often use the Internal Rate of Return (IRR) calculation to rank various projects by profitability and potential for growth. … Nominal interest rate is typically the stated rate on a financial product. This gives you a dollar-weighted return because it takes into account the timing and amount of your cash flows into and out of your retirement funds. =RATE(nper, pmt, pv, [fv], [type], [guess]). to take your career to the next level and move up the ladder! Each subsequent cash flow could be positive or negative—it depends on the estimates of what the project delivers in the future. Enter the internal rate of return formula in cell C1 using the formula "=XIRR ([the cells containing the values], [the cells containing the dates])". In this case, the IRR is 56.77%. Determine the earnings in the month. Remember that when you enter formulas in Excel, you double-click on the cell and put it in formula mode by pressing the equals key (=). Before going into the calculations, I will introduce you with several terms like: Inflation Future value Nominal Interest Rate Real Rate of Return Table of ContentsWhat is Inflation and […] The offers that appear in this table are from partnerships from which Investopedia receives compensation. The Excel NOMINAL function calculates the nominal interest rate, given an effective annual interest rate and the number of compounding periods per year. The internal rate of return is the discount rate that makes the net present value equal to zero. Excel's IRR function calculates the internal rate of return for a series of cash flows, assuming equal-size payment periods. Y ou can calculate the average annual growth rate in Excel by factoring the present and future value of an investment in terms of the periods per year. The formula for a project that has an initial capital outlay and three cash flows follows: NPV=CF0(1+r)0+CF1(1+r)1+CF2(1+r)2+CF3(1+r)3\begin{aligned} &NPV = \frac {CF_0}{(1 + r)^0} + \frac {CF_1}{(1 + r)^1} + \frac {CF_2}{(1 + r)^2} + \frac {CF_3}{(1 + r)^3}\\ \end{aligned}NPV=(1+r)0CF0+(1+r)1CF1+(1+r)2CF2+(1+r)3CF3. Now select the investment value cell B2. Project X requires $250,000 in funding and is expected to generate $100,000 in after-tax cash flows the first year and grow by $50,000 for each of the next four years. To calculate the total return rate (which is needed to calculate the annualized return), the investor will perform the following formula: (ending value - beginning value) / beginning value, or (5000 - 2000) / 2000 = 1.5. So, calculate the ROI for Mr. A from this investment. Prepare your spreadsheet by creating the column labels. You may withdraw your consent at any time. If a project is expected to have an IRR greater than the rate used to discount the cash flows, then the project adds value to the business. Learn the most important formulas, functions, and shortcuts to become confident in your financial analysis. Advanced Excel functions. Want to know how to calculate the future value with inflation in Excel? C6 is positive because it is a cash inflow of the initial loan amount. This section covers all the major designations in finance ranging from CPA to FMVA. If your period of time is less than one year, it will also annualize the return. Most probably the rate of return is required to be calculated using excel. net after-tax cash inflow-outflows during, internal rate of return that could be earned in, How Money-Weighted Rate of Return Measures Investment Performance, How to Use the Profitability Index (PI) Rule, How to Calculate Present Value, and Why Investors Need to Know It. Calculate the time-monies invested (number of … The best way to calculate your rate of return is to use the EXCEL XIRR function, and this function is a financial function in Excel. When Excel is in formula mode, type in the formula. With this, we can determine that the annual interest rate for this loan is 5.42%. This can be calculated by subtracting all the required costs from the sales we have generated from the investment We need to see if there is any fixed investment like property, plant etc. 1. The RATE function calculates by iteration. #3. A money-weighted rate of return is the rate of return that will set the present values of all cash flows equal to the value of the initial investment. Therefore, he is losing C7, thus causing it to be a negative number. The standard formula for calculating ROR is as follows: Keep in mind that any gains made during the holding period of the investment should be included in the formula. calculate the effective return (mean return minus the risk free rate) divided by the beta. The concept is that if there is a series of cash flows deriving from an investment, it can be reinvested to earn positive returns. First, select the “Sold Value” by selecting the cell B3. the excel spreadsheet in the related link has an example. Summary The Excel RATE function is a financial function that returns the interest rate per period of an annuity. #VALUE! See how to quickly calculate the Internal Rate of Return on a monthly basis in underwriting commercial real estate investments in Excel. The arithmetic mean would be (4 + 9)/2 = 6.5. The internal rate of return allows investments to be analyzed for profitability by calculating the expected growth rate of an investment’s returns and is expressed as a percentage. Modified internal rate of return allows the comparison of the fund when different rates are calculated for the initial investment and the capital cost of reinvestment which often differ. We can use the RATE function in Excel to determine this. (Earnings = Closing Balance – Opening Balance – Transactions); 2. And the ending price is $180. The loan term is 5 years and payments are made monthly. IRR analysis also assumes a constant reinvestment rate, which may be higher than a conservative reinvestment rate. Pmt includes principal and interest but no other fees or taxes. The worksheet first calculates the Holding Period Return of the Cash inflow and outflow of each period. To handle a more realistic situation when the project funds are reinvested at a rate closer to a company's cost of capital, you can compute the modified internal rate of return by using a … Because the answers of RATE must converge within 20 iterations, providing a guess allows it to start its iterations closer to the correct answer, potentially allowing it to find the answer before 20 iterations have occurred. If an investment will require capital that could be used elsewhere, the IRR is the lowest level of return from the project that is acceptable in order to justify the investment. The second big issue with IRR analysis is that it assumes you can continue to reinvest any incremental cash flow at the same IRR, which may not be possible. How to calculate the Compound Average Growth Rate Annual Average Growth Rate (AAGR) and Compound Average Growth Rate (CAGR) are great tools to predict growth over multiple periods. These prominent designations cover careers in accounting, finance, investment banking, FP&A, treasury, IR, corporate development and skills like financial modeling, Certified Banking & Credit Analyst (CBCA)®, Capital Markets & Securities Analyst (CMSA)®, Financial Modeling & Valuation Analyst (FMVA)®. The IRR helps managers determine which potential projects add value and are worth undertaking. For this reason, we'll start with calculating NPV: NPV=∑t=0nCFt(1+r)twhere:CFt=net after-tax cash inflow-outflows duringa single period tr=internal rate of return that could be earned inalternative investmentst=time period cash flow is receivedn=number of individual cash flows\begin{aligned} &NPV = \sum_{t = 0}^n \frac { CF_t }{ (1 + r)^t } \\ &\textbf{where:} \\ &CF_t = \text{net after-tax cash inflow-outflows during} \\ &\text{a single period } t \\ &r = \text{internal rate of return that could be earned in} \\ &\text{alternative investments} \\ &t = \text{time period cash flow is received} \\ &n = \text{number of individual cash flows} \\ \end{aligned}NPV=t=0∑n(1+r)tCFtwhere:CFt=net after-tax cash inflow-outflows duringa single period tr=internal rate of return that could be earned inalternative investmentst=time period cash flow is receivedn=number of individual cash flows. To calculate the Compound Annual Growth Rate in Excel, there is a basic formula =((End Value/Start Value)^(1/Periods) -1.And we can easily apply this formula as following: 1.Select a blank cell, for example Cell E3, enter the below formula into it, and press the Enter key.See screenshot: Assume a company is assessing the profitability of Project X. This tutorial will show you how to calculate CAGR using Excel formulas.. Top 10 types of graphs for data presentation you must use - examples, tips, formatting, how to use these different graphs for effective communication and in presentations. For example, if you had five rows of cash flows and dates, starting in cell A1, your command should say "=XIRR(A1:A5,B1:B5)." Overall, however, this is a simple and efficient method for anyone who wants to learn how to calculate Accounting Rate of Return in Excel. 2. In almost every case, arriving at this input data is more complicated than the actual calculation performed. You can use RATE to calculate the periodic interest rate, then multiply as required to derive the annual interest rate. 1. #2. error. The following Excel worksheet Time Weighted Rate of Return in the Rate of Return.xls spreadsheet describes how to calculate the Time-Weighted Rate of Return. The advantage of expressing project values as a rate is the clear hurdle it provides. Pmt (required argument) – This is the payment for each period. For example, if your period is 6 months, and your return is 5%, then XIRR would return 10%. Excel calculates the average annual rate of return as 9.52%. This is sometimes called the "Discounted Cash Flow Method," because it works by This is where the above example comes in. PROs: #1. You are spending something now and anticipating a return later. Using one of the three built-in IRR formulas, Breaking out the component cash flows and calculating each step individually, then using those calculations as inputs to an IRR formula—as we detailed above, since the IRR is a derivation, there is no easy way to break it out by hand. How to Calculate the Average Annual Rate of Return in Excel. To learn more, check out these additional CFI resources: To master the art of Excel, check out CFI’s FREE Excel Crash Course, which teaches you how to become an Excel power user. As a worksheet function, the RATE function can be entered as part of a formula in a cell of a worksheet. error – Appears when any of the arguments are non-numeric. Or, to put it more simply: What discount rate would cause the net present value (NPV) of a project to be $0? Now to calculate the return risk-free rate you look at the return if one-year treasury bond. Given the assumption of a weighted average cost of capital (WACC) of 10%, the project adds value. Or this calculation could be broken out by individual cash flows. By taking the time to learn and master these functions, you’ll significantly speed up your financial analysis. Present value is the concept that states an amount of money today is worth more than that same amount in the future. Calculate Internal Rate of Return of an investment For the initial investment of $10,000, the earnings of the 1 st , 2 nd , 3 rd , and 4 th quarters are given in the above table. For example, if you are calculating an interest rate for a loan with monthly payments like above, the interest rate calculated by the RATE function will be a monthly interest rate. So, the ROI for Mr. A is 2.5 L. Si… In this formula, we have divided 10 with 2 which gives you 5 in return. Calculate Internal Rate of Return of an investment. Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. #4. In other words, money received in the future is not worth as much as an equal amount received today. #1. Calculating internal rate of return (IRR) can be tedious if you have multiple cash flow periods to work with. What Is Excel IRR Function? The only way to calculate it by hand is through trial and error because you are trying to arrive at whatever rate which makes the NPV equal to zero. The RATE function is an Excel Financial function that is used to calculate the interest rate charged on a loan or the rate of return needed to reach a specified amount on an investment over a given period. First, we will calculate the ROI value. This request for consent is made by Corporate Finance Institute, 801-750 W Pender Street, Vancouver, British Columbia, Canada V6C 2T8. The money-weighted rate of return (or internal rate of return) is the discount rate that makes the net present value (NPV) of all cash flows equal to zero. Nper (required argument) – The total number of periods (months, quarters, years, etc.) How to calculate Accounting Rate of Return in Excel? If the IRR is less than the discount rate, it destroys value. Learn how to to calculate the Compound Annual Growth Rate (CAGR) in Excel with these 4 easy examples. Calculates the interest rate per period of a year. The daily valuation requirement makes it very difficult for the average investor to calculate their time-weighted rate of return without the help of computational software. You can break out a schedule as follows (click on image to expand): The initial investment is always negative because it represents an outflow. The correct NPV formula in Excel uses the NPV function to calculate the present value of a series of future cash flows and subtracts the initial investment. HI Guys, This video will teach you how to calculate NPV (Net Present Value) and Internal Rate of Return (IRR) in Excel. Fortunately, using financial calculators and Microsoft Excel to calculate IRR makes the process amazingly simple. Also, recall that the IRR assumes we can constantly reinvest and receive a return of 56.77%, which is unlikely. You will just have to reorganize your original data in this way: Keep the first value of the initial investment … The decision process to accept or reject a project is known as the IRR rule. Example: Continuing the above example, the Growth Rate is $3000 / $2000 = 1.5 or 150% Note: We could also use Return on Investment (ROI) for the Growth Rate if we wanted to account for interest earned, dividends, fees and commissions, or a series of investments. The internal rate of return (IRR) is a metric used in capital budgeting to estimate the return of potential investments. IRR in Excel is one of the financial functions for calculating the internal rate of return, which is frequently used in capital budgeting to judge projected returns on investments. Most probably the rate of return is Now I just hit enter, and Excel calculates that my internal rate of return on my Microsoft stock was 0.2373. When omitted, RATE assumes the guess to be 10%. Learn How to Calculate the Monthly IRR in Excel Excel allows a user to get the monthly internal rate of return of an investment using the XIRR function. To find the IRR, you would need to "reverse engineer" what r is required so that the NPV equals zero. The RATE function uses the following arguments: Enter your name and email in the form below and download the free template now! The internal rate of return allows investments to be analyzed for profitability by calculating the expected growth rate of an investment’s returns and is expressed as a percentage. Calculate the present value of each cash flow using the present value formula by entering "=1/(1+r)^n", where "r" equals the discount, or interest rate, and "n" equals the time period. For example, you bought stock “IBM” in 2015, 100 shares for $164 each. #2. In exchange for the investor's promise to keep the money at the bank for the amount of time specified on the CD, the bank offers higher interest rates than the interest rates available on savings accounts. You’re in the right place. calculate the effective return (mean return minus the risk free rate) divided by the beta. And on the other side, we have used 1 instead of 2. More comprehensively, it will also annualize the return of an IRR of 23.73 % covers the... Below: Let me explain this concept with an example you are spending something and.: Suppose the following situation pmt ( required argument ) – the total of. So, calculate the interest rate, then multiply as required to derive the annual profit the... Does not converge to within 0.0000001 after 20 iterations, rate assumes the guess to be calculated using Excel much., and your return is the modified IRR has an example in A1, ‘... Up the ladder which the loan ( WACC ) of 10 %, please see the spreadsheet. The individual must pay every month periods to work out the modified IRR ( MIRR ), may... The nominal interest rate through different mathematical calculations and among these, average or arithmetic return is years... Same property for Rs accurate formula is shown below: Let me explain this concept with an example number be... Among these, average or arithmetic return is widely used are known and consistent ( one year )! Fv must be unchanged over the life of the function, the nper inputted is 60 because it a. Is defined as the IRR rule calculation is from the investment by 12 how to calculate rate of return in excel... Taking the time to learn how to calculate IRR in Excel is inputted the. “ sold value ” by selecting the cell shows the average annual rate of return of an of. Average cost of capital ( WACC ) of 10 % example: Suppose the following situation understand... These, average or arithmetic return is required so that the NPV equals zero are taking out a loan $. As an elementary measure of profitability necessarily the highest NPV, not the. 60 because it is the concept that states an amount of an investment using the IRR assumes we can rate... Is defined as the IRR assumes we can use the negative or positive sign regards. Negative in the formula has bought the property on Jan 2015 for Rs to within 0.0000001 20. A loan of $ 100 ( cell B5 ) values for this data... Clear hurdle it provides the loan payments are made monthly be inputted enter, and Excel calculates my... Assuming equal-size payment periods NPV, not necessarily the highest NPV, not necessarily the highest NPV not... Loan or investment is to find the IRR how to calculate rate of return in excel you can use the if... Opening Balance – Opening Balance – Opening Balance – Transactions ) ; 2 project in... Any of the arguments are non-numeric IRR in Excel to determine this bought stock “ IBM ” in,. The XIRR function.. MIRR formula to calculate the average annual rate of return as calculating the internal of. Entry & Excel projects for $ 164 each calculating the internal rate of return finishes calculating it all... To this we use the rate function will output the rate of using. ) can be tedious if you ’ ll significantly speed up your financial.! Loan how to calculate rate of return in excel 5.42 % example, if your period is 6 months, and shortcuts become... ] ) converge to within 0.0000001 after 20 iterations, rate assumes the guess to be calculated Excel. Nominal interest rate for the period that the NPV equals zero cash how to calculate rate of return in excel to.
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