I want a formula for calculating the value of IRR.
There is no direct formula for calculating IRR return. It is found using an iterative process using NPV. The closest thing to a formula is the following: If NPV=0 then IRR=discount rate used to calculate the NPV. So we calculate NPV with different discount interest rates, zeroing in on NPV=0 to find the IRR.
Suppose we have an investment opportunity that calls for a cash outlay at time "zero" of rs.18000 and is expected to provide cash inflows of rs.5600 at the end of the next 5 years. Do the irr calculation.
This is a simple application of the IRR Calculator click. As you can see from the picture the IRR = 16.8%.