MIRR function
This article describes the formula syntax and usage of the MIRRfunction in Microsoft Excel.
Description
Returns the modified internal rate of return for a series of periodic cash flows. MIRR considers both the cost of the investment and the interest received on reinvestment of cash.
Syntax
MIRR(values, finance_rate, reinvest_rate)
The MIRR function syntax has the following arguments:

Values Required. An array or a reference to cells that contain numbers. These numbers represent a series of payments (negative values) and income (positive values) occurring at regular periods.

Values must contain at least one positive value and one negative value to calculate the modified internal rate of return. Otherwise, MIRR returns the #DIV/0! error value.

If an array or reference argument contains text, logical values, or empty cells, those values are ignored; however, cells with the value zero are included.


Finance_rate Required. The interest rate you pay on the money used in the cash flows.

Reinvest_rate Required. The interest rate you receive on the cash flows as you reinvest them.
Remarks

MIRR uses the order of values to interpret the order of cash flows. Be sure to enter your payment and income values in the sequence you want and with the correct signs (positive values for cash received, negative values for cash paid).

If n is the number of cash flows in values, frate is the finance_rate, and rrate is the reinvest_rate, then the formula for MIRR is:
Example
The example may be easier to understand if you copy it to a blank worksheet.
How do I copy an example?

Select the example in this article.
Important Do not select the row or column headers.
Selecting an example from Help

Press CTRL+C.

In Excel, create a blank workbook or worksheet.

In the worksheet, select cell A1, and press CTRL+V.
Important For the example to work properly, you must paste it into cell A1 of the worksheet.

To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
After you copy the example to a blank worksheet, you can adapt it to suit your needs.

