- Account market value on 3/31 is $56.3 million
- Account market value on 4/11 is $58.2 million (prior to contribution on same day)
- Contribution of $9.8 million is made on 4/11
- Account market value of $69.6 million on 4/30

In order to do this calculation, you need to determine the intervals at which cash flows will be entered into the calculator. I am going to use daily cash flows. Here is the information to be entered into the calculator:

CF(0) = -56.3 (this is the starting value of $56.3 million)

CF(1) = 0 (no cash flows occur from 4/1 through 4/10)

F(1) = 10 (ten days of zeros)

CF(2)=-9.8 (the contribution of $9.8 million on 4/11)

F(2)=1 (this contribution occurs just once)

CF(3)=0 (no cash flows occur from 4/12 through 4/29)

F(3)=18 (18 days of zeros)

CF(4)=69.6 ($69.6 million is the ending value)

F(4)=1 (this cash flow occurs just once)

Compute IRR

This should give you an IRR of 0.1819%. This is a daily number, and the exercise wants a monthly return. Thus, you should do the following steps to convert the daily return to a monthly return:

- add 1 to 0.1819%
- raise 1.001819 to the 30th power (as there are 30 days in April)
- subtract 1
- multiply by 100 to create the percentage

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