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This article describes the formula syntax and usage of the RRI function in Microsoft Excel.


Returns an equivalent interest rate for the growth of an investment.


RRI(nper, pv, fv)

The RRI function syntax has the following arguments.

  • Nper    Required. Nper is the number of periods for the investment.

  • Pv    Required. Pv is the present value of the investment.

  • Fv    Required. Fv is the future value of the investment.

RRI returns the interest rate given nper (the number of periods), pv (present value), and fv (future value), calculated by using the following equation:

RRI equation


  • If argument values are not valid, RRI returns the #NUM! error value.

  • If arguments are not using valid data types, RRI returns the #VALUE! error value.


Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.





Returns an equivalent interest rate for the growth of an investment of $10,000 with a future value of $11,000, for 8 years (0.012, or 1.2%).


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