Calculates the modified internal rate of return for a list of payments based on the difference between the interest rate paid on the invested funds versus the return received on reinvested income.

Sample Usage



MIRR(values, finance_rate, reinvest_rate)

  • values - The series of payments entered as a cell reference.
  • finance_rate - The interest rate paid on funds invested.
  • reinvest_rate - The interest rate received on the funds as they are reinvested.


MIRR(A3:A7,B3:B7,0.11) returns the modified rate of return based on a reinvest_rate of 11 percent for payments A3:A7 that take place on dates B3:B7


  • Each cell in values should be positive if it represents income from the perspective of the owner of the investment or negative if it represents payments.
  • values must contain at least one negative and one positive cash flow to calculate rate of return.