MIRR Google Sheet Formula

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MIRR Formula Syntax

=MIRR({-10000, 3000, 4000, 5000, 6000}, 0.05, 0.08)

Example Use Case

Calculating the modified internal rate of return for a series of cash flows

Understanding the MIRR Formula

The MIRR function in Excel calculates the modified internal rate of return for a series of cash flows, accounting for the cost of investment and the reinvestment of proceeds. It's an advanced investment analysis tool—like evaluating projects with more realistic assumptions about reinvestment rates.

MIRR({-10000, 3000, 4000, 5000, 6000}, 0.05, 0.08) calculates the MIRR for an initial $10,000 investment followed by four annual returns, considering a 5% financing rate and 8% reinvestment rate. It takes values, finance_rate, and reinvest_rate arguments, providing a more nuanced return measure than standard IRR.

Why Use MIRR?

MIRR offers realistic return modeling—think sophisticated project analysis or investment comparison. Its dual-rate approach addresses IRR's reinvestment rate assumption, making it valuable for more accurate project evaluation or when comparing investments with different cash flow patterns.

Example with Sample Data

Parameters	Formula	Result
Cash Flows: -$10,000, $3,000, $4,000, $5,000, $6,000 Finance Rate: 5% Reinvest Rate: 8%	=MIRR({-10000, 3000, 4000, 5000, 6000}, 0.05, 0.08)	12.61%
Same cash flows Higher Finance Rate: 10% Same Reinvest Rate: 8%	=MIRR({-10000, 3000, 4000, 5000, 6000}, 0.10, 0.08)	11.58%
Same cash flows Lower Finance Rate: 5% Higher Reinvest Rate: 12%	=MIRR({-10000, 3000, 4000, 5000, 6000}, 0.05, 0.12)	14.56%

MIRR calculates dual-rate returns: 12.61% for the first scenario, dropping to 11.58% with higher financing costs, rising to 14.56% with better reinvestment opportunities. It's a sophisticated return calculator.