XIRR and the Present Value of Money.


I am sure many of us would have got e-mails or other forms of solicitation wherein offers such as paying Rs 10000 per month for 20 years and in turn receiving monthly payout of Rs 50000 per month is presented for next 30 years.

Let us take the example of a typical 30 years old in evaluation this proposal.

Yearly cash flow out
Month Cash flow out
1 10000
2 10000
....
....
240 10000

Monthly Cash flow In for next 30 years

Monthly Cash flow In
Month Cash flow in
1 50000
2 50000
....
....
360

50000
Let us understand the returns from the cash flow. We use the Excel function XIRR to find out the cash flow as below.

Age Month Date Cash flow
30 1 31-Dec-17 -10000 XIRR 8.477%
30 2 31-Jan-18 -10000
30 3 28-Feb-18 -10000
30 4 31-Mar-18 -10000
30 5 30-Apr-18 -10000
30 6 31-May-18 -10000
30 7 30-Jun-18 -10000
30 8 31-Jul-18 -10000
30 9 31-Aug-18 -10000
30 10 30-Sep-18 -10000
30 11 31-Oct-18 -10000
30 12 30-Nov-18 -10000
31 13 31-Dec-18 -10000
31 14 31-Jan-19 -10000
31 15 28-Feb-19 -10000
31 16 31-Mar-19 -10000
31 17 30-Apr-19 -10000
31 18 31-May-19 -10000
31 19 30-Jun-19 -10000
31 20 31-Jul-19 -10000
31 21 31-Aug-19 -10000
31 22 30-Sep-19 -10000
31 23 31-Oct-19 -10000
31 24 30-Nov-19 -10000
32 25 31-Dec-19 -10000
32 26 31-Jan-20 -10000
32 27 29-Feb-20 -10000
32 28 31-Mar-20 -10000
32 29 30-Apr-20 -10000
32 30 31-May-20 -10000
32 31 30-Jun-20 -10000
32 32 31-Jul-20 -10000
32 33 31-Aug-20 -10000
32 34 30-Sep-20 -10000
32 35 31-Oct-20 -10000
32 36 30-Nov-20 -10000
33 37 31-Dec-20 -10000
33 38 31-Jan-21 -10000
33 39 28-Feb-21 -10000
33 40 31-Mar-21 -10000
33 41 30-Apr-21 -10000
33 42 31-May-21 -10000
33 43 30-Jun-21 -10000
33 44 31-Jul-21 -10000
33 45 31-Aug-21 -10000
33 46 30-Sep-21 -10000
33 47 31-Oct-21 -10000
33 48 30-Nov-21 -10000
34 49 31-Dec-21 -10000
34 50 31-Jan-22 -10000
34 51 28-Feb-22 -10000
34 52 31-Mar-22 -10000
34 53 30-Apr-22 -10000
34 54 31-May-22 -10000
34 55 30-Jun-22 -10000
34 56 31-Jul-22 -10000
34 57 31-Aug-22 -10000
34 58 30-Sep-22 -10000
34 59 31-Oct-22 -10000
34 60 30-Nov-22 -10000
35 61 31-Dec-22 -10000
35 62 31-Jan-23 -10000
35 63 28-Feb-23 -10000
35 64 31-Mar-23 -10000
35 65 30-Apr-23 -10000
35 66 31-May-23 -10000
35 67 30-Jun-23 -10000
35 68 31-Jul-23 -10000
35 69 31-Aug-23 -10000
35 70 30-Sep-23 -10000
35 71 31-Oct-23 -10000
35 72 30-Nov-23 -10000
36 73 31-Dec-23 -10000
36 74 31-Jan-24 -10000
36 75 29-Feb-24 -10000
36 76 31-Mar-24 -10000
36 77 30-Apr-24 -10000
36 78 31-May-24 -10000
36 79 30-Jun-24 -10000
36 80 31-Jul-24 -10000
36 81 31-Aug-24 -10000
36 82 30-Sep-24 -10000
36 83 31-Oct-24 -10000
36 84 30-Nov-24 -10000
37 85 31-Dec-24 -10000
37 86 31-Jan-25 -10000
37 87 28-Feb-25 -10000
37 88 31-Mar-25 -10000
37 89 30-Apr-25 -10000
37 90 31-May-25 -10000
37 91 30-Jun-25 -10000
37 92 31-Jul-25 -10000
37 93 31-Aug-25 -10000
37 94 30-Sep-25 -10000
37 95 31-Oct-25 -10000
37 96 30-Nov-25 -10000
38 97 31-Dec-25 -10000
38 98 31-Jan-26 -10000
38 99 28-Feb-26 -10000
38 100 31-Mar-26 -10000
38 101 30-Apr-26 -10000
38 102 31-May-26 -10000
38 103 30-Jun-26 -10000
38 104 31-Jul-26 -10000
38 105 31-Aug-26 -10000
38 106 30-Sep-26 -10000
38 107 31-Oct-26 -10000
38 108 30-Nov-26 -10000
39 109 31-Dec-26 -10000
39 110 31-Jan-27 -10000
39 111 28-Feb-27 -10000
39 112 31-Mar-27 -10000
39 113 30-Apr-27 -10000
39 114 31-May-27 -10000
39 115 30-Jun-27 -10000
39 116 31-Jul-27 -10000
39 117 31-Aug-27 -10000
39 118 30-Sep-27 -10000
39 119 31-Oct-27 -10000
39 120 30-Nov-27 -10000
40 121 31-Dec-27 -10000
40 122 31-Jan-28 -10000
40 123 29-Feb-28 -10000
40 124 31-Mar-28 -10000
40 125 30-Apr-28 -10000
40 126 31-May-28 -10000
40 127 30-Jun-28 -10000
40 128 31-Jul-28 -10000
40 129 31-Aug-28 -10000
40 130 30-Sep-28 -10000
40 131 31-Oct-28 -10000
40 132 30-Nov-28 -10000
41 133 31-Dec-28 -10000
41 134 31-Jan-29 -10000
41 135 28-Feb-29 -10000
41 136 31-Mar-29 -10000
41 137 30-Apr-29 -10000
41 138 31-May-29 -10000
41 139 30-Jun-29 -10000
41 140 31-Jul-29 -10000
41 141 31-Aug-29 -10000
41 142 30-Sep-29 -10000
41 143 31-Oct-29 -10000
41 144 30-Nov-29 -10000
42 145 31-Dec-29 -10000
42 146 31-Jan-30 -10000
42 147 28-Feb-30 -10000
42 148 31-Mar-30 -10000
42 149 30-Apr-30 -10000
42 150 31-May-30 -10000
42 151 30-Jun-30 -10000
42 152 31-Jul-30 -10000
42 153 31-Aug-30 -10000
42 154 30-Sep-30 -10000
42 155 31-Oct-30 -10000
42 156 30-Nov-30 -10000
43 157 31-Dec-30 -10000
43 158 31-Jan-31 -10000
43 159 28-Feb-31 -10000
43 160 31-Mar-31 -10000
43 161 30-Apr-31 -10000
43 162 31-May-31 -10000
43 163 30-Jun-31 -10000
43 164 31-Jul-31 -10000
43 165 31-Aug-31 -10000
43 166 30-Sep-31 -10000
43 167 31-Oct-31 -10000
43 168 30-Nov-31 -10000
44 169 31-Dec-31 -10000
44 170 31-Jan-32 -10000
44 171 29-Feb-32 -10000
44 172 31-Mar-32 -10000
44 173 30-Apr-32 -10000
44 174 31-May-32 -10000
44 175 30-Jun-32 -10000
44 176 31-Jul-32 -10000
44 177 31-Aug-32 -10000
44 178 30-Sep-32 -10000
44 179 31-Oct-32 -10000
44 180 30-Nov-32 -10000
45 181 31-Dec-32 -10000
45 182 31-Jan-33 -10000
45 183 28-Feb-33 -10000
45 184 31-Mar-33 -10000
45 185 30-Apr-33 -10000
45 186 31-May-33 -10000
45 187 30-Jun-33 -10000
45 188 31-Jul-33 -10000
45 189 31-Aug-33 -10000
45 190 30-Sep-33 -10000
45 191 31-Oct-33 -10000
45 192 30-Nov-33 -10000
46 193 31-Dec-33 -10000
46 194 31-Jan-34 -10000
46 195 28-Feb-34 -10000
46 196 31-Mar-34 -10000
46 197 30-Apr-34 -10000
46 198 31-May-34 -10000
46 199 30-Jun-34 -10000
46 200 31-Jul-34 -10000
46 201 31-Aug-34 -10000
46 202 30-Sep-34 -10000
46 203 31-Oct-34 -10000
46 204 30-Nov-34 -10000
47 205 31-Dec-34 -10000
47 206 31-Jan-35 -10000
47 207 28-Feb-35 -10000
47 208 31-Mar-35 -10000
47 209 30-Apr-35 -10000
47 210 31-May-35 -10000
47 211 30-Jun-35 -10000
47 212 31-Jul-35 -10000
47 213 31-Aug-35 -10000
47 214 30-Sep-35 -10000
47 215 31-Oct-35 -10000
47 216 30-Nov-35 -10000
48 217 31-Dec-35 -10000
48 218 31-Jan-36 -10000
48 219 29-Feb-36 -10000
48 220 31-Mar-36 -10000
48 221 30-Apr-36 -10000
48 222 31-May-36 -10000
48 223 30-Jun-36 -10000
48 224 31-Jul-36 -10000
48 225 31-Aug-36 -10000
48 226 30-Sep-36 -10000
48 227 31-Oct-36 -10000
48 228 30-Nov-36 -10000
49 229 31-Dec-36 -10000
49 230 31-Jan-37 -10000
49 231 28-Feb-37 -10000
49 232 31-Mar-37 -10000
49 233 30-Apr-37 -10000
49 234 31-May-37 -10000
49 235 30-Jun-37 -10000
49 236 31-Jul-37 -10000
49 237 31-Aug-37 -10000
49 238 30-Sep-37 -10000
49 239 31-Oct-37 -10000
49 240 30-Nov-37 -10000
50 241 31-Dec-37 -10000
50 242 31-Jan-38 -10000
50 243 28-Feb-38 -10000
50 244 31-Mar-38 -10000
50 245 30-Apr-38 -10000
50 246 31-May-38 -10000
50 247 30-Jun-38 -10000
50 248 31-Jul-38 -10000
50 249 31-Aug-38 -10000
50 250 30-Sep-38 -10000
50 251 31-Oct-38 -10000
50 252 30-Nov-38 -10000
51 253 31-Dec-38 50000
51 254 31-Jan-39 50000
51 255 28-Feb-39 50000
51 256 31-Mar-39 50000
51 257 30-Apr-39 50000
51 258 31-May-39 50000
51 259 30-Jun-39 50000
51 260 31-Jul-39 50000
51 261 31-Aug-39 50000
51 262 30-Sep-39 50000
51 263 31-Oct-39 50000
51 264 30-Nov-39 50000
52 265 31-Dec-39 50000
52 266 31-Jan-40 50000
52 267 29-Feb-40 50000
52 268 31-Mar-40 50000
52 269 30-Apr-40 50000
52 270 31-May-40 50000
52 271 30-Jun-40 50000
52 272 31-Jul-40 50000
52 273 31-Aug-40 50000
52 274 30-Sep-40 50000
52 275 31-Oct-40 50000
52 276 30-Nov-40 50000
53 277 31-Dec-40 50000
53 278 31-Jan-41 50000
53 279 28-Feb-41 50000
53 280 31-Mar-41 50000
53 281 30-Apr-41 50000
53 282 31-May-41 50000
53 283 30-Jun-41 50000
53 284 31-Jul-41 50000
53 285 31-Aug-41 50000
53 286 30-Sep-41 50000
53 287 31-Oct-41 50000
53 288 30-Nov-41 50000
54 289 31-Dec-41 50000
54 290 31-Jan-42 50000
54 291 28-Feb-42 50000
54 292 31-Mar-42 50000
54 293 30-Apr-42 50000
54 294 31-May-42 50000
54 295 30-Jun-42 50000
54 296 31-Jul-42 50000
54 297 31-Aug-42 50000
54 298 30-Sep-42 50000
54 299 31-Oct-42 50000
54 300 30-Nov-42 50000
55 301 31-Dec-42 50000
55 302 31-Jan-43 50000
55 303 28-Feb-43 50000
55 304 31-Mar-43 50000
55 305 30-Apr-43 50000
55 306 31-May-43 50000
55 307 30-Jun-43 50000
55 308 31-Jul-43 50000
55 309 31-Aug-43 50000
55 310 30-Sep-43 50000
55 311 31-Oct-43 50000
55 312 30-Nov-43 50000
56 313 31-Dec-43 50000
56 314 31-Jan-44 50000
56 315 29-Feb-44 50000
56 316 31-Mar-44 50000
56 317 30-Apr-44 50000
56 318 31-May-44 50000
56 319 30-Jun-44 50000
56 320 31-Jul-44 50000
56 321 31-Aug-44 50000
56 322 30-Sep-44 50000
56 323 31-Oct-44 50000
56 324 30-Nov-44 50000
57 325 31-Dec-44 50000
57 326 31-Jan-45 50000
57 327 28-Feb-45 50000
57 328 31-Mar-45 50000
57 329 30-Apr-45 50000
57 330 31-May-45 50000
57 331 30-Jun-45 50000
57 332 31-Jul-45 50000
57 333 31-Aug-45 50000
57 334 30-Sep-45 50000
57 335 31-Oct-45 50000
57 336 30-Nov-45 50000
58 337 31-Dec-45 50000
58 338 31-Jan-46 50000
58 339 28-Feb-46 50000
58 340 31-Mar-46 50000
58 341 30-Apr-46 50000
58 342 31-May-46 50000
58 343 30-Jun-46 50000
58 344 31-Jul-46 50000
58 345 31-Aug-46 50000
58 346 30-Sep-46 50000
58 347 31-Oct-46 50000
58 348 30-Nov-46 50000
59 349 31-Dec-46 50000
59 350 31-Jan-47 50000
59 351 28-Feb-47 50000
59 352 31-Mar-47 50000
59 353 30-Apr-47 50000
59 354 31-May-47 50000
59 355 30-Jun-47 50000
59 356 31-Jul-47 50000
59 357 31-Aug-47 50000
59 358 30-Sep-47 50000
59 359 31-Oct-47 50000
59 360 30-Nov-47 50000
60 361 31-Dec-47 50000
60 362 31-Jan-48 50000
60 363 29-Feb-48 50000
60 364 31-Mar-48 50000
60 365 30-Apr-48 50000
60 366 31-May-48 50000
60 367 30-Jun-48 50000
60 368 31-Jul-48 50000
60 369 31-Aug-48 50000
60 370 30-Sep-48 50000
60 371 31-Oct-48 50000
60 372 30-Nov-48 50000
61 373 31-Dec-48 50000
61 374 31-Jan-49 50000
61 375 28-Feb-49 50000
61 376 31-Mar-49 50000
61 377 30-Apr-49 50000
61 378 31-May-49 50000
61 379 30-Jun-49 50000
61 380 31-Jul-49 50000
61 381 31-Aug-49 50000
61 382 30-Sep-49 50000
61 383 31-Oct-49 50000
61 384 30-Nov-49 50000
62 385 31-Dec-49 50000
62 386 31-Jan-50 50000
62 387 28-Feb-50 50000
62 388 31-Mar-50 50000
62 389 30-Apr-50 50000
62 390 31-May-50 50000
62 391 30-Jun-50 50000
62 392 31-Jul-50 50000
62 393 31-Aug-50 50000
62 394 30-Sep-50 50000
62 395 31-Oct-50 50000
62 396 30-Nov-50 50000
63 397 31-Dec-50 50000
63 398 31-Jan-51 50000
63 399 28-Feb-51 50000
63 400 31-Mar-51 50000
63 401 30-Apr-51 50000
63 402 31-May-51 50000
63 403 30-Jun-51 50000
63 404 31-Jul-51 50000
63 405 31-Aug-51 50000
63 406 30-Sep-51 50000
63 407 31-Oct-51 50000
63 408 30-Nov-51 50000
64 409 31-Dec-51 50000
64 410 31-Jan-52 50000
64 411 29-Feb-52 50000
64 412 31-Mar-52 50000
64 413 30-Apr-52 50000
64 414 31-May-52 50000
64 415 30-Jun-52 50000
64 416 31-Jul-52 50000
64 417 31-Aug-52 50000
64 418 30-Sep-52 50000
64 419 31-Oct-52 50000
64 420 30-Nov-52 50000
65 421 31-Dec-52 50000
65 422 31-Jan-53 50000
65 423 28-Feb-53 50000
65 424 31-Mar-53 50000
65 425 30-Apr-53 50000
65 426 31-May-53 50000
65 427 30-Jun-53 50000
65 428 31-Jul-53 50000
65 429 31-Aug-53 50000
65 430 30-Sep-53 50000
65 431 31-Oct-53 50000
65 432 30-Nov-53 50000
66 433 31-Dec-53 50000
66 434 31-Jan-54 50000
66 435 28-Feb-54 50000
66 436 31-Mar-54 50000
66 437 30-Apr-54 50000
66 438 31-May-54 50000
66 439 30-Jun-54 50000
66 440 31-Jul-54 50000
66 441 31-Aug-54 50000
66 442 30-Sep-54 50000
66 443 31-Oct-54 50000
66 444 30-Nov-54 50000
67 445 31-Dec-54 50000
67 446 31-Jan-55 50000
67 447 28-Feb-55 50000
67 448 31-Mar-55 50000
67 449 30-Apr-55 50000
67 450 31-May-55 50000
67 451 30-Jun-55 50000
67 452 31-Jul-55 50000
67 453 31-Aug-55 50000
67 454 30-Sep-55 50000
67 455 31-Oct-55 50000
67 456 30-Nov-55 50000
68 457 31-Dec-55 50000
68 458 31-Jan-56 50000
68 459 29-Feb-56 50000
68 460 31-Mar-56 50000
68 461 30-Apr-56 50000
68 462 31-May-56 50000
68 463 30-Jun-56 50000
68 464 31-Jul-56 50000
68 465 31-Aug-56 50000
68 466 30-Sep-56 50000
68 467 31-Oct-56 50000
68 468 30-Nov-56 50000
69 469 31-Dec-56 50000
69 470 31-Jan-57 50000
69 471 28-Feb-57 50000
69 472 31-Mar-57 50000
69 473 30-Apr-57 50000
69 474 31-May-57 50000
69 475 30-Jun-57 50000
69 476 31-Jul-57 50000
69 477 31-Aug-57 50000
69 478 30-Sep-57 50000
69 479 31-Oct-57 50000
69 480 30-Nov-57 50000
70 481 31-Dec-57 50000
70 482 31-Jan-58 50000
70 483 28-Feb-58 50000
70 484 31-Mar-58 50000
70 485 30-Apr-58 50000
70 486 31-May-58 50000
70 487 30-Jun-58 50000
70 488 31-Jul-58 50000
70 489 31-Aug-58 50000
70 490 30-Sep-58 50000
70 491 31-Oct-58 50000
70 492 30-Nov-58 50000
71 493 31-Dec-58 50000
71 494 31-Jan-59 50000
71 495 28-Feb-59 50000
71 496 31-Mar-59 50000
71 497 30-Apr-59 50000
71 498 31-May-59 50000
71 499 30-Jun-59 50000
71 500 31-Jul-59 50000
71 501 31-Aug-59 50000
71 502 30-Sep-59 50000
71 503 31-Oct-59 50000
71 504 30-Nov-59 50000
72 505 31-Dec-59 50000
72 506 31-Jan-60 50000
72 507 29-Feb-60 50000
72 508 31-Mar-60 50000
72 509 30-Apr-60 50000
72 510 31-May-60 50000
72 511 30-Jun-60 50000
72 512 31-Jul-60 50000
72 513 31-Aug-60 50000
72 514 30-Sep-60 50000
72 515 31-Oct-60 50000
72 516 30-Nov-60 50000
73 517 31-Dec-60 50000
73 518 31-Jan-61 50000
73 519 28-Feb-61 50000
73 520 31-Mar-61 50000
73 521 30-Apr-61 50000
73 522 31-May-61 50000
73 523 30-Jun-61 50000
73 524 31-Jul-61 50000
73 525 31-Aug-61 50000
73 526 30-Sep-61 50000
73 527 31-Oct-61 50000
73 528 30-Nov-61 50000
74 529 31-Dec-61 50000
74 530 31-Jan-62 50000
74 531 28-Feb-62 50000
74 532 31-Mar-62 50000
74 533 30-Apr-62 50000
74 534 31-May-62 50000
74 535 30-Jun-62 50000
74 536 31-Jul-62 50000
74 537 31-Aug-62 50000
74 538 30-Sep-62 50000
74 539 31-Oct-62 50000
74 540 30-Nov-62 50000
75 541 31-Dec-62 50000
75 542 31-Jan-63 50000
75 543 28-Feb-63 50000
75 544 31-Mar-63 50000
75 545 30-Apr-63 50000
75 546 31-May-63 50000
75 547 30-Jun-63 50000
75 548 31-Jul-63 50000
75 549 31-Aug-63 50000
75 550 30-Sep-63 50000
75 551 31-Oct-63 50000
75 552 30-Nov-63 50000
76 553 31-Dec-63 50000
76 554 31-Jan-64 50000
76 555 29-Feb-64 50000
76 556 31-Mar-64 50000
76 557 30-Apr-64 50000
76 558 31-May-64 50000
76 559 30-Jun-64 50000
76 560 31-Jul-64 50000
76 561 31-Aug-64 50000
76 562 30-Sep-64 50000
76 563 31-Oct-64 50000
76 564 30-Nov-64 50000
77 565 31-Dec-64 50000
77 566 31-Jan-65 50000
77 567 28-Feb-65 50000
77 568 31-Mar-65 50000
77 569 30-Apr-65 50000
77 570 31-May-65 50000
77 571 30-Jun-65 50000
77 572 31-Jul-65 50000
77 573 31-Aug-65 50000
77 574 30-Sep-65 50000
77 575 31-Oct-65 50000
77 576 30-Nov-65 50000
78 577 31-Dec-65 50000
78 578 31-Jan-66 50000
78 579 28-Feb-66 50000
78 580 31-Mar-66 50000
78 581 30-Apr-66 50000
78 582 31-May-66 50000
78 583 30-Jun-66 50000
78 584 31-Jul-66 50000
78 585 31-Aug-66 50000
78 586 30-Sep-66 50000
78 587 31-Oct-66 50000
78 588 30-Nov-66 50000
79 589 31-Dec-66 50000
79 590 31-Jan-67 50000
79 591 28-Feb-67 50000
79 592 31-Mar-67 50000
79 593 30-Apr-67 50000
79 594 31-May-67 50000
79 595 30-Jun-67 50000
79 596 31-Jul-67 50000
79 597 31-Aug-67 50000
79 598 30-Sep-67 50000
79 599 31-Oct-67 50000
79 600 30-Nov-67 50000

As we can see the return generated by the cash flow is 8.477%. 

So whenever we get such an offer, we should ask for the projected cash flow and calculate the return before proceeding further.

Thanks.



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