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This paper presents the numerical analysis for a variational formulation of rate-independent phase transformations in elastic solids due to Mielke et al. The new model itself suggests an implicit time-discretization which is combined with the finite element method in space. A priori error estimates are established for the quasioptimal spatial approximation of the stress field within one time-step. A posteriori error estimates motivate an adaptive mesh-refining algorithm for efficient discretization. The proposed scheme enables numerical simulations which show that the model allows for hysteresis.