MIRR Function

See Also51W0951              Example1C5SUJL>Low


Returns the modified internal rate of return for a series of periodic cash flows (payments and receipts).


MIRR(valuearray( ), financerate, reinvestrate)


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( )  ArrayYPCGZO 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 expression1DUM8 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 KitGUH5X7 provides tools to help you write setup programs that install your applications.