Returns the modified internal rate of return for a series of periodic cash flows. MIRR considers both the cost of the investment and the interest received on reinvestment of cash.



Values     is an array or a reference to cells that contain numbers. These numbers represent a series of payments (negative values) and income (positive values) occurring at regular periods.

  • Values must contain at least one positive value and one negative value to calculate the modified internal rate of return. Otherwise, MIRR returns the #DIV/0! error value.
  • If an array or reference argument contains text, logical values, or empty cells, those values are ignored; however, cells with the value zero are included.

Finance_rate     is the interest rate you pay on the money used in the cash flows.

Reinvest_rate     is the interest rate you receive on the cash flows as you reinvest them.


  • MIRR uses the order of values to interpret the order of cash flows. Be sure to enter your payment and income values in the sequence you want and with the correct signs (positive values for cash received, negative values for cash paid).
  • If n is the number of cash flows in values, frate is the finance_rate, and rrate is the reinvest_rate, then the formula for MIRR is:



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Data Description
-$120,000 Initial cost
39,000 Return first year
30,000 Return second year
21,000 Return third year
37,000 Return fourth year
46,000 Return fifth year
10.00% Annual interest rate for the 120,000 loan
12.00% Annual interest rate for the reinvested profits
Formula Description (Result)
=MIRR(A2:A7, A8, A9) Investment's modified rate of return after five years (13%)
=MIRR(A2:A5, A8, A9) Modified rate of return after three years (-5%)
=MIRR(A2:A7, A8, 14%) Five-year modified rate of return based on a reinvest_rate of 14 percent (13%)
Applies to:
Excel 2003