I can’t figure out how the book comes up with the money weighted rate of return of 9.39%; I keep retyping it in my calculator and get an IRR of 12.788%. I used the following flows: C0=-200 C1=-200 C2=480 I am using a BA2 Plus calculator so perhaps my settings are wrong? Any help would be much appreciated.

Cash flows are: CF0 = -200 CF1 = -220 CF2 = 480 At t=1, He bought a share for $225 and receive $5 in dividend , so CF1 = -225 + 5 = -220

You know - I could have probably stared at this stupid problem for the next week blaming my calculator when it was purely human error. Thanks a lot for the reply! I find myself rushing through some of these problems.