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Modified Internal Rate of Return Calculator — result sheet
Estimate MIRR from a series of periodic cash flows by discounting negative flows at a finance rate and compounding positive flows at a reinvestment rate.
Inputs used
Results
Visual chart
Breakdown
Calculation steps
Returned data table
Formula and methodology
Formula: MIRR = [future value of positive cash flows at the reinvestment rate ÷ −present value of negative cash flows at the finance rate]^(1/number of periods) − 1.
MIRR separates two assumptions that a plain IRR does not expose: the rate used to finance negative cash flows and the rate used to reinvest positive cash flows. Enter periodic cash flows in order, with at least one negative and one positive value. WorldCalculate discounts the negative entries to period zero, compounds positive entries to the final period, and annualizes nothing automatically; the returned percentage is per entered period.
This result follows the calculator's declared inputs, precision, validation boundaries, and model limits.
Input contract
- Cash flows in chronological order
- Finance rate — % per period; minimum -99.999999; maximum 1000
- Reinvestment rate — % per period; minimum -99.999999; maximum 1000
Worked example
| Input | Value |
|---|---|
| Cash flows in chronological order | -10000, 3000, 5000, 7000 |
| Finance rate | 10 |
| Reinvestment rate | 8 |
The calculator discounts the negative cash flow at 10%, grows positive flows to the final period at 8%, and returns MIRR per period with both supporting values.
Assumptions and limits
- Cash-flow entries are equally spaced and the first entry is period zero.
- At least one cash flow is negative and at least one is positive.
- Negative cash flows are financed at one constant finance rate.
- Positive cash flows are reinvested at one constant reinvestment rate until the final period.
- The percentage output is per period and is not converted to an annual rate unless the periods are annual.
- Irregular dates, taxes, project risk, liquidity, and whether reinvestment is available are not modeled.
Calculator note
Source and methodology
Use the official WorldCalculate methodology policy for the source, formula, precision, and boundary standards behind this calculator.
Planning estimate, not financial, medical, legal, or professional advice. © WorldCalculate — reuse with attribution. Built and curated by Hassan ALRowaie.
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