The VBA IRR function calculates the Internal Rate of Return for a supplied series of periodic cash flows (i.e. a series of payments and returns).
The syntax of the function is:
Where the function arguments are:
ValueArray   
An array of cash flows, representing a series of payments and income, where:

[Guess]   
An initial estimate at what the IRR will be. If this argument is omitted, it will take on the default value of 10% (=0.1). (Note this is only a value for the function to start off working with  the IRR function then uses an iterative procedure to converge to the correct rate). 
In the following example, the VBA IRR function is used to calculate the internal rate of return for an initial investment of $100, that generates a series of cash returns over 5 years.
' Calculate the internal rate of return of an initial investment of $100,
' that generates a series of cash returns over 5 years. Dim cashFlows(0 to 5) As Double Dim irrVal As Double
cashFlows(0) = 100 ' Initial investment of $100
irrVal = IRR( cashFlows )cashFlows(1) = 20 ' Return from year 1 cashFlows(2) = 24 ' Return from year 2 cashFlows(3) = 28.8 ' Return from year 3 cashFlows(4) = 34.56 ' Return from year 4 cashFlows(5) = 41.47 ' Return from year 5 ' irrVal is calculated to be 0.130575756375562. 
The above VBA code calculates the internal rate of return for the investment to be 0.130575756375562 (13.1%).
Note that:
The VBA IRR function produces the Runtime error '5': Invalid procedure call or argument if either: