WorksheetFunction.MIrr method (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.


expression.MIrr (Arg1, Arg2, Arg3)

expression A variable that represents a WorksheetFunction object.


Name Required/Optional Data type Description
Arg1 Required Variant Values - 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.
Arg2 Required Double Finance_rate - the interest rate you pay on the money used in the cash flows.
Arg3 Required Double Reinvest_rate - the interest rate you receive on the cash flows as you reinvest them.

Return value



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.

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 that 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, the formula for MIrr is:


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