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This article describes the formula syntax and usage of the MIRR function in Microsoft Excel.


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.


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.


  • 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:



Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.




Initial cost


Return first year


Return second year


Return third year


Return fourth year


Return fifth year


Annual interest rate for the 120,000 loan


Annual interest rate for the reinvested profits




=MIRR(A2:A7, A8, A9)

Investment's modified rate of return after five years


=MIRR(A2:A5, A8, A9)

Modified rate of return after three years


=MIRR(A2:A7, A8, 14%)

Five-year modified rate of return based on a reinvest_rate of 14 percent


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