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:



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.

-120000Initial cost
39000Return first year
30000Return second year
21000Return third year
37000Return fourth year
46000Return fifth year
0.1Annual interest rate for the 120,000 loan
0.12Annual interest rate for the reinvested profits
=MIRR(A2:A7, A8, A9)Investment’s modified rate of return after five years13%
=MIRR(A2:A5, A8, A9)Modified rate of return after three years-5%
=MIRR(A2:A7, A8, 14%)Five-year modified rate of return based on a reinvest_rate of 14 percent13%

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