MIRR Function

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Named Arguments

Yes

Syntax

MIRR(values(), finance_rate, reinvest_rate)

values()

Use: Required

Data Type: Array of Double

An array of cash flow values.

finance_rate

Use: Required

Data Type: Double

The interest rate paid as the cost of financing.

reinvest_rate

Use: Required

Data Type: Double

The interest rate received on gains from cash investment.

Return Value

A Double representing the modified internal rate of return.

Description

Calculates the modified internal rate of return, which is the internal rate of return when payments and receipts are financed at different rates.

Rules at a Glance

• values must be a one-dimensional array that contains at least one negative value (a payment) and one positive value (a receipt). The order of elements within the array should reflect the order in which payments and receipts occur.

• finance_rate and reinvest_rate are percentages expressed as decimal values. For example, 10% is expressed as 0.10.

Programming Tips and Gotchas

Each element of values represents a payment or a receipt that occurs at a regular time interval. If this isn't the case, MIRR returns erroneous results.

See Also

IRR Function