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.
Syntax
MIRR(values,finance_rate,reinvest_rate)
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.
Remarks
 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:
Example
The example may be easier to understand if you copy it to a blank worksheet.
How to copy an example
 Create a blank workbook or worksheet.
 Select the example in the Help topic.
Note Do not select the row or column headers.
Selecting an example from Help
 Press CTRL+C.
 In the worksheet, select cell A1, and press CTRL+V.
 To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

A 
B 
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%) 
Fiveyear modified rate of return based on a reinvest_rate of 14 percent (13%) 
