# Visual Basic for Applications Reference

**Visual Studio 6.0**

# MIRR Function

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

**Syntax**

**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. |

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

**).**

*reinvest_rate*The ** finance_rate** and

**arguments are percentages expressed as decimal values. For example, 12 percent is expressed as 0.12.**

*reinvest_rate*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.