So, for Mr. Unlike, under MIRR, cash flows apart from initial cash flows are reinvested at firm’s rate of return. Companies should invest in a project if the NPV > 0 or if the IRR > r. You did receive many responses, but maybe they're all over your head, or you don't really mean what you wrote above. IRR Formula in Excel. IRR is the time period for which they are used for calculating the performance of investments. Enter the corresponding dates in the next column, under the heading “Dates. Most people ge. It is bit complex to calculate. Like the IRR function, the XIRR function stands for the Extended Internal Rate of Return. XIRR for less than 365 Days Formula ( Originally Posted: 10/08/2018) XIRR by default is an annualized return. CAGR. The IRR and XIRR functions allow you to enter a guess as the beginning rate where the function starts calculating incrementally, up to 20 cycles for the IRR function and 100 cycles for the XIRR function, until an answer within 0. Obama, a bank client. Because of this, XIRR is a more accurate way to evaluate an investment. The basic concept of deriving IRR is simple. Context. XIRR calculates the rate of return based on both investments and cash flows. We can help Again, the XIRR function incorporates both the dates and the amount of the cash flows. Vedant, the average annual return he got was 8. 000001%. On this page is an Irregular Internal Rate of Return calculator, usually known as an XIRR calculator. - See how to set up. XIRR just automates the creation of all those zero buckets. An IRR higher than the discount rate signifies a profitable investment opportunity. ROI is used to analyze the growth and efficiency of an investment. Step 3: Compare the IRR with the Discount Rate. 5%. e. In the field (with red circle) type a name like myrange (you make it up!) and press enter. If there are no flows to a portfolio, then you simply take the Ending Value (EV) and subtract the Beginning Value (BV) to get the gain (or loss), and then divide by that starting value. e. Suppose you have 2 options, invest 10,000 in fund A and get ₹ 50,000 return or invest in fund B and get a 1,00,000 return. 4 out of 513493 reviews18. IRR measures the average annual rate of return for an investment, assuming cash flows occur at regular intervals (e. Learn how to calculate the internal rate of return (IRR) and the extended internal rate of return (XIRR) in Excel with formulas, examples and. For returns of over a year, there are other metrics. Average compounded return for lumpsum investments. Note that if you have other cashflows in and out, it gets a bit more complicated (e. i probably use this the most. Effective Annual Rate = (1 + (nominal interest rate / number of compounding periods)) ^ (number of compounding periods) – 1. IRR is the rate of return at which NPV is zero or actual return of an investment. Mark all cash inflows like income positive. You can use XIRR to calculate returns comprising multiple cash flows at irregular intervals. Next, press Enter. So, if you invest Rs 5 lakh for 5 yrs after which the value of your investment is Rs. Aggregate CAGR of multiple mutual fund investments made within a period. Unfortunately, there is no simple way to determine a "guess" reliably. 1%, which is greater than the 10% required rate of return. The IRR formula stands for the internal rate of return. It offers higher flexibility as it intakes entries at a specific date. Excel XIRR Function → The Excel XIRR function is preferable over the IRR function as it has more flexibility by not being restricted to annual periods. The IRR formula is complex (click Internal Rate of Return if you want to see the full formula), so for simplicity, the IRR() function in excel should be used. I am getting substantially large variation in XIRR vs IRR calculations. [Microsoft help][2] states they use the newton optimization in the XIRR calculation. IRR goes from 17% if calculating annual cash flows, to 572% if calculating monthly cash flows! Seems too high, so I wanted to check with the experts ;-) Also, please confirm I can always use XIRR or XNPV (instead of IRR and NPV) to build a template, in case there are any variations/inconsistencies in timelines. 31, and xirr of . vs. CAGR of 2. Vedant, the average annual return he got was 8. t = time. 00 dollar payment should be compounded at the quarterly rate until the bond is repaid on 1/1/11. Return : {108150. However, there are times when it isn’t. It will calculate the Internal Rate of Return (IRR) for a series of cash flows that. You just need a spreadsheet and a few pieces of information: The dates you made any contributions and withdrawals from your portfolio. XIRR (Extended Internal Rate of Return) is a financial metric used in the stock market to calculate the rate of return of an investment based on its cash flows. Steps to calculate XIRR in Excel: You need to enter all your transactions in single column. 91% and the XIRR function is returning 0%. 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 occur at regular intervals. October 24, 2023 What Is XIRR? The XIRR Function is classified as an Excel economic function. Here, 179% is actually an annual rate of return. I run a comprehensive online class on data analytics, modeling and data science with Excel. To learn more about XIRR vs IRR we have created a similar guide, which we highly recommend you check out to further solidify the concept. Since the coupon is annual in your. Firstly, The XIRR function (Internal Rate of Return) is used to calculate the internal rate of return for a series of given periodic cash flows. This XIRR vs IRR template allows you to differentiate between the use of IRR and XIRR functions to compute the internal rate of return. Here, in the following picture, you can see the XIRR result in cell D14. As you say, this because XIRR presumes daily compounding based on the exact dates. At the same time, both methods offer. Then I broke these annual cash flows into quarterly cash flows by dividing each annual cash flow by 4 assuming cash inflows and outflows occur at the end of each quarter, and used the XIRR function to calculate the IRR based on the quarterly. The difference between the IRR calculation in Figure 2. The basic rate of return takes the gain for the portfolio and divides by the (original) investment amount. 3% from year 0. Also The first Value must be a Negative value. As the above examples show, the main difference between gross IRR vs net IRR calculations is the impact of expenses on the cash flow inputs used in the calculation. There are equal time intervals between all cash flows. In this blog post will discuss XIRR vs IRR, the differences between Extended Internal Rate of Return (XIRR), and Internal Rate of Return. This value could be positive or negative. This browser is no longer supported. It is calculated by the Internal Rate of Return (IRR) for a collection of money. You could find yourself with quarterly, monthly, or even daily. Similarly, you can check the CAGR for different funds for different time frames like 3, 7 and 10 years. I am really struggling with the XIRR function at the moment. which created the problem pointed out in the other comment, that XIRR between -100% and -95% cannot. By contrast, the XIRR formula considers the dates when the cash flow actually happens. ] So for certain countries when I take the data from the table and manually calculate the IRR, it returns a negative IRRThe XIRR function calculation shows in Excel as XIRR(B2:B7,C2:C7) or XIRR(B2:B7,C2:C7,. There are two reasons why the IRR is not a reliable yardstick: 1. 27 and a xnpv of 0, effectively getting us an overall XIRR of 10%. $egingroup$ Excel's IRR() function requires periodic cashflows - the abstract concept of IRR does not! Indeed, one can use Excel's XIRR function when cashflows are at irregular intervals. To prove this point, use the levered scenario above and switch year 2 and year 5. The result of the XIRR function. CAGR and IRR help you compute the returns on lump sum and regular multi-cash-flow investments, respectively. If you get confused listening about Mutual fund returns, then, you are not alone. So, when it. 25%, we need to look at the nominal rate, calculated in F10. Absolute returns in this case will be: Absolute returns = 100* (32000 – 12000)/12000. IRR measures the performance of private fund managers. Key Takeaways. To get the answer, you need to calculate the CAGR for 60 months on first installment, for 59 months on the second installment, for 58 months on the third one and so on and so forth. 5. Use this calculator to calculate the internal rate of return (IRR) and measure the profitability of an investment. Internal Rate of Return is the discount rate at which NPV = 0. Use of XIRR Function for Monthly Cash Flows. For example, if a project has quarterly cash flows, a normal IRR changes if the flows are compounded monthly versus quarterly, but an XIRR does not. CAGR. IRR Excel Function: What is the Difference? The XIRR function in Excel is more practical than the IRR function due to the increased flexibility of not being restricted to. IRR is preferred over CAGR for evaluating complex or large projects which often have many positive and negative cash-flows. 111. 99. When you have made multiple investments (at different points in time), in the same financial instrument, SIPs for example. What is the XIRR Function? The XIRR Function is categorized under Excel financial functions. 3. But Excel XIRR assumes 365 days per year. 2. put a minus sign before the amount) and cash inflows (dividends, SWP, redemptions) as positive values. , the XIRR. You can choose to enter yearly cash flows or simply calculate based upon a multiple. In this program you can learn all about. This post describes the discrepancy and explains when to use one or the other. sollte gleich oder größer als die Hürdenrate sein. IRR is comparatively less precise in calculating the rate of return. Annual Percentage Rate (APR) is the lender's IRR for a mortgage. Does calculating an IRR monthly vs yearly make a difference? What about the question of whether to use the beginning or end of period? This article and video use the XIRR (and XNPV) process introduced by Microsoft Excel in 1997 to show why monthly calculation is important, and using the XIRR (and XNPV) means the question of beginning or end of. Which one you choose depends on the financial method that you prefer, whether cash flows occur at regular intervals, and whether the cash flows are periodic. MIRR is much more precise than IRR. Hax to Save Tax: 💸DEMAT Zerodha:. Using the Extended Internal Rate of Return calculation tool is a bit more complicated than a typical IRR calculator: Enter the initial investment (it can be in any currency like US dollars, EUR, Swiss francs, etc. The internal rate of return (IRR) also measures investment performance. The XIRR function. In this video I explain why your XIRR and IRR values come out differently when you are applying them in the same financial model. According to the Microsoft Office documentation, “XIRR is closely related to XNPV, the net present value function. But if we were to calculate IRR on the same excel, then the formula will beDefinition (IRR) The IRR of an investment or project is the "annualized effective compounded return rate" or rate of return when the net present value (NPV) of all cash flows (both positive and negative) from the investment is assumed to be equal to zero. XIRR (Extended Internal Rate of Return) is a financial metric used in the stock market to calculate the rate of return of an investment based on its cash flows. Union Bank offers a nominal interest rate of 12% on its certificate of deposit to Mr. = 100 * 20000/12000. The IRR defines the compounded return that an investor will earn on the investment in the near future. 5. In this case, we consider XIRR returns. If I’m in rush or want to get a ballpark estimate, I’ll simply google “IRR calculator. The formula to use will be: The IRR function calculates the internal rate of return for a series of cash flows, the MIRR function works with interest rates for borrowing and investing, and the XIRR function calculates a more. The XIRR function calculates the internal rate of return for a series of cash flows that occur at irregular intervals. You create various timing buckets, in this case years. 18. We have. With defined monthly periods, we will get the exact IRR. The conventional formula is the NPV formula which we describe at the start of the article. For this series of cashflows, the standard IRR function is returning -2. The internal rate of return (IRR) is the interest rate received for an investment with payments and income occurring at regular intervals (i. Like CAGR, internal rate of return, or IRR, is a metric used by commercial real estate investors to calculate the profitability of an investment. YTM vs IRR. So it's actually several different IRR functions in Excel, and there are some nuanced differences. =IRR. The IRR calculated based on these cash flows is $19. 5%. If I changed the 31/12/2027 payment from -50,000 to 1, the IRR and XIRR align to -2. “Okay, go on,” said Michele. We can help XIRR. . vba. Formula: =MIRR(cash flows, cost of borrowing, reinvestment rate) Here is another variation of the internal rate of return that’s very important for finance professionals. So, what the IRR case is saying is simply that discounting the $1,750 cash flow in year one needs to be discounted by 75% to arrive at. In contrast to IRR, MIRR assumes that cash flows from a project are reinvested at the firm’s cost of capital (rate of return on a portfolio company’s existing securities). Vor der Annahme und Implementierung eines bestimmten Investitionsprojekts wird dessen interne Rendite (IRR) XIRR vs IRR Warum XIRR vs IRR verwenden. I am saying that, in my mind, the question doesn't make much sense at all, for the reasons I outlined above. I thought about attempting to pivot the dates, values on the asset ID using power query to look like this. The difference between using the XIRR and IRR Excel function is as follows. 111. I have a macro that calculates XIRR; used to tell me the rate of return on an investment. The guessed number for the expected internal rate of return (optional argument). Unlike the CoC return, however, IRR accounts for the time that an investor’s funds are tied up in a project. The price will drop by a factor of 1/. For example. The IRR, also commonly referred to as the dollar weighted return, is the measurement of a portfolio’s actual performance between two dates, including the effects from all cash inflows and outflows. 400 x (3/2) = 400 x (1. XIRR vs. The first tier distributes cash flow to the partners until the LP has achieved some defined preferred return and received a full return of capital. XIRR returns the effective annual interest rate. Excel uses an iterative technique for calculating XIRR. NPV is a number and all the others are rate of returns in percentage. So, if you did this investment in 1 day, it would be an outstanding return. *IRR is calculated using the XIRR Function in Excel. Unpivot the tables and add the column to the dataset (I might have an idea how to write. You can see when we try to find out the internal rate of return in cells using the XIRR function in cell D13, it gives a value of 179%. Excel XIRR Function → The Excel XIRR function is preferable over the IRR function as it has more flexibility by not being restricted to annual periods. Please let me know your. Notice now that the corpus is much higher (by about 18%) and so is the IRR. XIRR is especially useful for calculating returns on Mutual Fund SIP investments. It offers higher flexibility as it intakes entries at a specific date. IRR for private equity performance, investors can consider both measures in their evaluation process. Step 2: You get the XIRR value as follows. Although both formulas are used to measure the rate of return on an investment, there are some notable differences between them. APR is the rate charged to borrowers wanting to take out a loan. Pooled Internal Rate Of Return - PIRR: A method of calculating the overall internal rate of return (IRR) of a portfolio of several projects by combining their individual cashflows. The XIRR Function. 75%. So to give a high level overview, The IRR and XIRR are important functions used frequently in real estate financial modeling and it’s used to calculate the Internal Rate of Return over an investment hold period. Return : {108150. It is your personal rate of return as it calculates your actual return on investments. IRR Excel Function. The most probable one, I think is a difference in CONVENTION. 5 = 400 + 200. The difference between the IRR calculation in Figure 2. Syntax. Your issue seems to be that the time periods are irregular. Select Financial function. The absolute return of fund A is. The guessed number for the expected internal rate of return (optional argument). For the given cash flows, the IRR is not unique; see Multiple IRRs. Solving the below equation can help us to calculate the XIRR return. The Internal Rate of Return is the discount rate which sets the Net Present Value (NPV) of all future cash flow of an investment to zero. ( =XIRR (Values, Dates, [guess])) Step 5: After writing =XIRR, select all values or transactions, add a comma, select all dates, and click on enter. loan over 10 yrs. Resultantly, XIRR provides an accurate picture of the mutual fund’s performance. We have used the following formula to find the IRR value in cell D14. In the case of SIP, since there are multiple investments (therefore multiple purchase prices) and different time periods for each installment, calculating returns is a bit. A CAGR return assumes all investments have been made at the beginning of the year, while XIRR considers periodic instalments as separate investments. XIRR stands for Extended Internal Rate of Return is a method used to calculate returns on investments where there are multiple transactions happening at different times. Disclaimer: Whilst every effort has been made in building our calculator tools, we are not to be held liable for any damages or monetary. Formula Annual TWR Formula Given Four Quarterly Returns: [(1+R 1)(1+R 2)(1+R 3)(1+R 4)] – 1[guess] (optional argument) – This is an initial guess – or estimate – of what the IRR will be. The interest rate that corresponds to XNPV = 0 is the rate of return computed by XIRR. Enter the cash flow for each period (past or future prediction). XIRR is the annual effective yield - XIRR uses Actual/365 day count convention XIRR is itself not a rate of return, it is simply an effective yield The rate of return may be found by using NOMINAL function around XIRR function. In this case the cash flows do affect the calculations. Ve finančním modelování a oceňování je důležité pochopit, proč používat XIRR vs IRR. XIRR is a more accurate return measure because it. XIRR function takes the cashflows as well as the dates, which allows it to account for irregular cashflows and give the correcyt IRR. XIRR – finds IRR for a series of cash flows that occur at irregular intervals. YTM (yield to maturity) is the total return anticipated on a bond if it is held until it matures. IRR. IRR is different from ROI because ROI assumes all cash flows are received at the end of the investment, whereas IRR accounts for cash flows being received at different times over the course of your investment. for the last 10 years. For example, the first payment is discounted one period, the second payment two periods, and so on. While CAGR simply uses the beginning and ending value, IRR considers multiple cash flows and periods—reflecting. Where: CF = cash inflow. Below is an example of regular IRR versus XIRR, with a series of six cash flows. For example, a bond that makes annual payments exactly on the 1st of January each year uses periodic payments. CAGR = (Final Investment Value/Initial Investment Value)^1/n – 1. MOIC vs IRR Similarities. . Differences Between The Two Formulas. Also, have a look at NPV vs IRR NPV Vs IRR The Net Present Value (NPV) method calculates the dollar value of future cash flows which the project will produce during the particular period of time whereas the internal rate of return (IRR) calculates the profitability of the project. XIRR vs. This measurement of return is the simplest and it does not consider the time period. To compute the MIRR, the Excel function uses the following parameters: The values. Second, XIRR returns a compounded rate. 💸 IRR only considers the cash flows that happen at regular intervals, while XIRR considers. compounded annually) which provides a mechanism for reliable comparison of interest rates. In financial world, the IRR is more realistic than CAGR because it considers periodic cash-flows instead of one time lump-sum investment. Here, the IRR function is used to calculate equal payment periods like years. e. 93/90000)^ (1/6)}-1 = 3. IRR is used to calculate the annual growth rate of the investment made. Hence a high IRR (>25%) generated by a successful exit early in a PE fund’s life is likely to overstate actual economic performance, as the probability of finding an investment with a comparably high IRR over the remaining (short) term is low. The generic formula for the XIRR function is: =XIRR (values, dates, [guess]) The parameter of the XIRR function is: values – a range of cells containing values, including initial investment and incomes. Though IRR is a commonly accepted measure of an investment's attractiveness, it has several inherent problems. Link: Dynamic XIRR (OFFSET) Transposing Formula HelpYou can calculate xirr value by: calculating derivative of above function -> f ' (xirr) after having f (xirr) and f' (xirr) you can solve for xirr value by using iterative Newton's method - famous formula->. And it does not matter what the periods are so long as they are evenly spaced. 22%. The basic rate of return takes the gain for the portfolio and divides by the (original) investment amount. Here's a plot of NPV (r) for the data in w. If you’re a real estate analyst or you’ve done a good amount of real estate financial modeling or real estate financial analysis, you know that the internal rate of return, or IRR, calculation, is an extremely important return metric in real estate financial modeling. XIRR is used to calculate the average cash flow for multiple and irregular transactions in a given period. 3. XIRR (values, dates, [guess]) The XIRR function syntax has the following arguments: Values Required. XIRR. IRR, you should always use XIRR unless you explicitly want to calculate the IRR over a yearly period. The top-ranked project based on IRR dropped to the tenth-most-attractive project. It is calculated by finding the rate of return that will set. Only once the fund is fully realized can the IRR be labeled “final. Here we calculate the discount rate or the IRR at which the Net Present Value of the investment becomes zero. Like the IRR function, the XIRR function stands for the Extended Internal Rate of Return. Enter a series of dates where cash flows move in or out of an investment plus the amounts, and the tool will tell you the annualized rate of return. The Excel IRR function works under the assumption that interim cash flows are reinvested at the rate of return equal to the IRR itself. It is commonly used to analyse the financial performance of an investment. The Excel XIRR function is a financial function that returns the Internal Rate of Return for a series of cash flows that occur at regular or irregular interv. The dates are constructed as a function of DAYS360, so they are equally separated by 180 days on 30/360 and ~180-183 on actual basis. 8%. Does anybody really expect to know what day cash will be received / spent next year let alone in 2050? Explore, with the customer, working with quarterly/annual assumptions which will make the calculation much easier and still be more precise than. IRR is what a lender would actually make on a loan, and is often applied as a standard, annualized way to compare investment returns. The red stars mark the IRR values (where NPV (r) is zero). or if I changed 31/12/23 payment from -300,000 to -400,000. You can convert from XIRR to IRR only if you calculate if your base is days. Leaving aside the fact that IRR is not applicable since your payments are not even, you still have to convert nominal to effective in order to compare the outputs. 5% is considered good. CAGR is obviously necessary only when the annual returns vary. Jumping to the last row in the example above: What’s going on with the Excel IRR calculation of a 6. The drawback to the IRR function is that Excel assumes each cell is separated by precisely twelve months, which is not always the case. The model allows for up to four tiers (IRR or equity multiple hurdles). XIRR Example Both XIRR and CAGR are accurate measures to check a mutual fund’s returns, however XIRR is for SIPs and CAGR is for lump sum. 05)12 -1 = 79. 0 = ∑T n=0(Cn × Z(0, n)) Where, Cn: Cash flow at time ‘ n ’. Because of this, XIRR is a more accurate way to evaluate an investment. In other words, the. XIRR is relevant only if there are multiple investments at different points in. 30 is used when the year is consider to have 360 days. Annual Percentage Rate (APR) is the lender's IRR for a mortgage. . The main difference between Excel XIRR and IRR functions is this: IRR assumes that all the periods in a series of cash flows are equal. IRR and XIRR are Excel functions that you can use to determine the rate of return on your investment. differences. g In a portfolio of two companies: Investment A IRR = 90% based on a cost of $100. The difference is due to the fact that XIRR returns an effective interest rate (i. XIRR (extended internal rate of return) is the measure of return that has to be used for accurate depiction of the growth of your investment. 00001% is found. Použití funkce jednoduché = IRR v aplikaci Excel může být zavádějící, protože předpokládá, že všechna časová období v řadě peněžních toků jsou stejná. Between XIRR and IRR, the XIRR function calculates non-periodic cash flows accurately by considering different dates, whereas IRR calculates cash flows within an. These measures allow an investor to find out the rate of return he is earning on his investment. This way you can calculate IRR using the IRR function for monthly cash flow in Excel. e. Step 2: You get the XIRR value as follows. Throughout the life of a fund, managers themselves determine rates of return. Scenario B only increases your funds by 5. MIRR is a modification of the IRR calculation and is a more accurate reflection of the true rate of return for a series of cash flows. Calculation of IRR (Internal rate of return) in case of consistent cash flows. So. The number of intervals between cash flows (14 in the example shown) determines the degree of the magic polynomial equation. If I change certain cashflows values I can get the values to align. Anybody know the best way to use XIRR correctly for this? 1/1/18: -$100 3/31/18: $200 ( (1+XIRR)^ (120/365))-1 = ~101%. XIRR vs IRR. By contrast, the XIRR formula considers the dates when the cash flow actually happens. What XIRR does is that it aggregates all these CAGRs to give you the overall CAGR for all cash flows taken together. So you can use smaller buckets to be more precise, but the would leave you with a lot of zero buckets. With MOIC vs. Before accepting and implementing a certain investment project, its internal rate of return (IRR) should be equal to or greater than the hurdle rate. Unrealized IRR is the same as Realized IRR, but assumes that you receive, on the date of calculation, cash equal to the current value of your remaining investment. Reinvestment Rate: the interest received for cash investments. XIRR is calculated by taking the present value of all cash flows and dividing it by the initial investment. CNBCTV18 is India's leading financial, economic and business information source. But as I noted previously, unfortunately, some people -- even knowledgeable people -- are sloppy with those terms. IRR is used for private fund managers because they typically exercise a degree of control over the amount and timing of fund cash flows. The only problem is that it doesn't work. The following case works fine. For example, an initial investment of $1,000 that is currently worth $1,400 has a ROI of 40%. You also need to convert your hurdle rate into monthly or quarterly increments (depending upon your model) to use as the "rate" in both the FV and NPV formula and. As mentioned above, XIRR stands for Extended Internal Rate of Return. CAGR= (1,51,000/1,00,000)^⅕ – 1. In other words, if you measure the IRR. IRR – Real Estate Financial Modeling // If you’re a real estate analyst or you’ve done a good amount of real estate financial modeling or real estat. dates – a range of dates corresponding to values. Thank you very much for your help! The formula works great, although I have made a few tweaks to include: - a terminal value (from the [equity repayment/(investment) on sale] column) to be calculated at the end of each period and calculated in the XIRR calc (i. Exploration of the differences and similarities between different rate of return measures, including absolute return, percentage return, simple annualized return, CAGR, IRR, and XIRR. $endgroup$ –Your basic question was why the apparent difference between your irr of . The investment must have a negative sign, as it is a cost. Financial caution This is a simple online calculator which is a good starting point in estimating the extended internal rate of return from an investment with non-period cash flows, it is by no means the end of such a process. In the earlier answer, there was an implicit assumption that XIRR will mostly be positive. XIRR (values, dates, [guess]) The XIRR function syntax has the following arguments: Values Required. and then use XIRR to calculate the internal rate of return with the formula =XIRR(B2:B4, A2:A4), it would say I have a return of 56. Both these function return the annual rate of return, so there is no surprise that weekly payments. The relationship is approximate because the number of days in each quarter varies. Step 4: Now, use the XIRR function in any other row. Reinvestment rate.