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I set up a simple problem Payment after 0.4 year is 25. The rate is 10%. I calculated PV as $\frac{25}{(1+10\%)^{0.4}} = 24.77$

Then I did Rate(0.4,25,-24.77,0) in Excel, and Rate function did not return any value.

Can anyone explain why?

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    $\begingroup$ You are probably using the wrong function. =RATE() is for annuities, the first argument is the number of payment periods, all assumed of equal length. This has to be an integer. (I don't know what an annuity with less than 1 payment would be). $\endgroup$ – noob2 May 17 '20 at 8:33
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    $\begingroup$ BTW your first calculation is wrong also, it should be 24.06484 $\endgroup$ – noob2 May 17 '20 at 8:44
  • $\begingroup$ Thank, yes it seems like the first argument has to be an integer $\endgroup$ – TimeToCodeTheRoad May 17 '20 at 18:28