MIRR Function Example

This example returns the modified internal rate of return for a series of cash flows contained in the array Values().  LoanAPR represents the financing interest, and InvAPR represents the interest rate received on reinvestment.

Static Values(5) As Double                 ' Set up array.
LoanAPR = .1                               ' Loan rate.
InvAPR = .12                               ' Reinvestment rate.
Fmt = "#0.00"                              ' Define money format.
Values(0) = -70000                         ' Business start-up costs.
' Positive cash flows reflecting income for four successive years.
Values(1) = 22000 : Values(2) = 25000
Values(3) = 28000 : Values(4) = 31000
RetRate = MIRR(Values(), LoanAPR, InvAPR)  ' Calculate internal rate.
Msg = "The modified internal rate of return for these five cash flows is"
Msg = Msg & Format(Abs(RetRate) * 100, Fmt) & "%."
MsgBox Msg                                 ' Display internal return
                                           ' rate.