See Also Example
Description
Returns the modified internal rate of return for a series of periodic cash flows (payments and receipts).
Syntax
MIRR(valuearray( ), financerate, reinvestrate)
Remarks
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 MIRR function uses the following arguments:
Argument Description
valuearray( ) Array of cash flow values. The array must contain at least one negative value (a payment) and one positive value (a receipt).
financerate Interest rate paid as the cost of financing.
reinvestrate Interest rate received on gains from cash reinvestment.
The arguments financerate and reinvestrate 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.
Because the MIRR function requires an array of cash flows, it can't be used as an expression on a form.
Distribution Note When you create and distribute applications that use any of the financial functions, you should install the file MSAFINX.DLL in the customer's Microsoft Windows \SYSTEM directory. The Visual Basic Setup Kit provides tools to help you write setup programs that install your applications.