There are 2 parts to this question:
1. If you take the following set of cash flows below over, say, a 48 month period, and then calculate a simple IRR equation as =IRR(stream of cash flows), you get a #NUM error message. Why is that? It appears that once you hit month 28 with the example of 132,000 returned, the error message appears. I understood the error msg to appear for either infinite or uncalculable returns - but this stumps me. Why the "magic" 28 threshold?
2. For the financially literate, what is a more accurate measure of returns: the simple IRR function =IRR(cash:flows) or =(1+IRR(cash:flows))^(periods/year)-1? A friend formerly at Bain and Goldman shared the latter with me, which, if you compare it with the simple IRR function, usually differs by 1% or less on average for any given set of cash flows.
<TABLE style="WIDTH: 110pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=147 border=0 x:str><COLGROUP><COL style="WIDTH: 48pt" width=64><COL style="WIDTH: 62pt; mso-width-source: userset; mso-width-alt: 3035" width=83><TBODY><TR style="HEIGHT: 12.75pt" height=17><TD class=xl35 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 48pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=64 height=17>Month</TD><TD class=xl32 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 62pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" width=83>Cash Flows</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num>0</TD><TD class=xl36 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="-100250">($100,250)</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num>1</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A3+1">2</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A4+1">3</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A5+1">4</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A6+1">5</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A7+1">6</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A8+1">7</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A9+1">8</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A10+1">9</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A11+1">10</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A12+1">11</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A13+1">12</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A14+1">13</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A15+1">14</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A16+1">15</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A17+1">16</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A18+1">17</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A19+1">18</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A20+1">19</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A21+1">20</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A22+1">21</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A23+1">22</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A24+1">23</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A25+1">24</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A26+1">25</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A27+1">26</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A28+1">27</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A29+1">28</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="132000">$132,000 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A30+1">29</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A31+1">30</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A32+1">31</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A33+1">32</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A34+1">33</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A35+1">34</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A36+1">35</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A37+1">36</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A38+1">37</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A39+1">38</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A40+1">39</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A41+1">40</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A42+1">41</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A43+1">42</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A44+1">43</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A45+1">44</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A46+1">45</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A47+1">46</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A48+1">47</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl34 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A49+1">48</TD><TD class=xl31 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR></TBODY></TABLE>
1. If you take the following set of cash flows below over, say, a 48 month period, and then calculate a simple IRR equation as =IRR(stream of cash flows), you get a #NUM error message. Why is that? It appears that once you hit month 28 with the example of 132,000 returned, the error message appears. I understood the error msg to appear for either infinite or uncalculable returns - but this stumps me. Why the "magic" 28 threshold?
2. For the financially literate, what is a more accurate measure of returns: the simple IRR function =IRR(cash:flows) or =(1+IRR(cash:flows))^(periods/year)-1? A friend formerly at Bain and Goldman shared the latter with me, which, if you compare it with the simple IRR function, usually differs by 1% or less on average for any given set of cash flows.
<TABLE style="WIDTH: 110pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=147 border=0 x:str><COLGROUP><COL style="WIDTH: 48pt" width=64><COL style="WIDTH: 62pt; mso-width-source: userset; mso-width-alt: 3035" width=83><TBODY><TR style="HEIGHT: 12.75pt" height=17><TD class=xl35 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 48pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=64 height=17>Month</TD><TD class=xl32 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 62pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" width=83>Cash Flows</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num>0</TD><TD class=xl36 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="-100250">($100,250)</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num>1</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A3+1">2</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A4+1">3</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A5+1">4</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A6+1">5</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A7+1">6</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A8+1">7</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A9+1">8</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A10+1">9</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A11+1">10</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A12+1">11</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A13+1">12</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A14+1">13</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A15+1">14</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A16+1">15</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A17+1">16</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A18+1">17</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A19+1">18</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A20+1">19</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A21+1">20</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A22+1">21</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A23+1">22</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A24+1">23</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A25+1">24</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A26+1">25</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A27+1">26</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A28+1">27</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A29+1">28</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="132000">$132,000 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A30+1">29</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A31+1">30</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A32+1">31</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A33+1">32</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A34+1">33</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A35+1">34</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A36+1">35</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A37+1">36</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A38+1">37</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A39+1">38</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A40+1">39</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A41+1">40</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A42+1">41</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A43+1">42</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A44+1">43</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A45+1">44</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A46+1">45</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A47+1">46</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl33 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: #ece9d8; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A48+1">47</TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: #ece9d8; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD class=xl34 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 x:num x:fmla="=A49+1">48</TD><TD class=xl31 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: #ece9d8; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" x:num="0">$0 </TD></TR></TBODY></TABLE>
