nitoha

Strictly speaking, you are correct. 1st May should be counted in the 2nd qtr.

But practically, the difference is only 1 day. You could take it as end of the day on 30th Apr. Looking at it other ways, most banks usually ignore 1st day in calculation of interest figure anyways.

1) If you take it as at the end of 1st qtr, you could calculate IRR easily by taking no of periods as 3.

2) If not, then either you will need to discount 2M amount by 1 day to place it on 30 Apr, or use 365 as number of periods in your IRR calculation. Either ways, your IRR would be very very close to the one calculated in 1).

Hope this helps.