MIRR

See also A-Z Spreadsheet Function List

Description Returns the modified internal rate of return for a series of periodic cash flows.

Syntax MIRR(cash_flows, finance_rate, reinvest_rate)

cash_flow is a reference to a range that contains values for which to calculate the modified internal rate of return. The values must contain at least one positive and one negative value.

During calculation, MIRR uses the order in which the values appear to determine the order of cash flow.

Values that represent cash received should be positive; negative values represent cash paid.

Text, logical values, and empty cells in the range are ignored.

finance_rate is the interest rate paid on money used in the cash flow.

reinvest_rate is the interest rate received on money reinvested from the cash flow.

Remarks The modified internal rate of return considers the cost of the investment and the interest received on the reinvestment of cash.

See Also IRR , NPV , and RATE functions

Examples In the preceding spreadsheet:

         MIRR(B1:B6, 12%, 8%) returns 5.20%

         MIRR(B1:B3, 12%, 8%) returns -40.93%