MIRR (modified internal rate of return)

Returns a value specifying the modified internal rate of return for a series of periodic cash flows (payments and receipts).

The modified internal rate of return is the internal rate of return when payments and receipts are financed at different rates. The MIRR function takes into account both the cost of the investment (FinanceRate) and the interest rate received on reinvestment of cash (ReinvestRate).

The FinanceRate and ReinvestRate arguments are percentages expressed as decimal values. For example, 12 percent is expressed as 0.12.

The MIRR function uses the order of values within the array to interpret the order of payments and receipts. Be sure to enter your payment and receipt values in the correct sequence.

Modified internal rate of return  Enter one value per line Data Array Finance Rate Reinvest Rate Decimal places 0 1 2 3 4 6  Result Internal rate

Example

Description of the parameters

Data Array

Array of Double specifying cash-flow values. The array must contain at least one negative value (a payment) and one positive value (a receipt).

Finance Rate

The interest rate paid as the cost of financing.

Reinvest Rate

The interest rate received on gains from cash reinvestment.