Posted by John Behle on January 23, 2000 at 24:52:55:

You invest $-3060 - enter this as PV

(it must be negative since that is your investment)

Your time period is 12 months - enter as N

Your payment saved (earned) is $300 - enter as PMT

Your future value (balloon) is -0- - enter as FV

So, we have 4 of the 5 variables needed. Solve for %I and you get 31.12%

Investing the $3060 now saves (earns) payments of $300 per month for 12 months. Your return on that money then (IRR or yield) is 31.12%