Follwup IRR

So it is - my mistake. However I have spent more than enough time answering you on this - there are potentially 2 IRR's and that is the likely cause of confusion. That is the end of the matter! Even if there was a negative IRR that would not cause confusion. If you are not prepared to accept it then fair enough. In that case try discounting yourself at 5% and then at 10% and see what you get!! Then you should be satisfied.