The Excel RRI function is a Financial function that calculates and returns the equivalent interest rate for the growth of an investment. When given a present value, a future value, and the number of periods for an investment, you can calculate the rate of return for those periods using the RRI function. In this guide, we’re going to show you how to use the Excel RRI function and also go over some tips and error handling methods.

Supported versions

  • Excel 2013 and newer

Excel RRI Function Syntax

RRI(nper, pv, fv)


nper The total number of payments for the investment.
pv The present value of the investment.
Fv The future value of the investment.


The RRI function uses the following math equation to calculate the equivalent interest rate for the growth of an investment:

Here is the implementation of the function for a 36-month period investment which starts as $10,000 and aims to reach $12,000.


Download Workbook


  • The RRI function can be used to calculate Compound Annual Growth Rate (CAGR) in Excel.
  • Other related financial functions:


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