Visual Basic for Applications Reference

Visual Studio 6.0

MIRR Function

See Also    Example    Specifics

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


MIRR(values(), finance_rate, reinvest_rate)

The MIRR function has these named arguments:

Part Description
values() Required. Array of Double specifying cash flow values. The array must contain at least one negative value (a payment) and one positive value (a receipt).
finance_rate Required. Double specifying interest rate paid as the cost of financing.
reinvest_rate Required. Double specifying interest rate received on gains from cash reinvestment.


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 (finance_rate) and the interest rate received on reinvestment of cash (reinvest_rate).

The finance_rate and reinvest_rate arguments 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.