{"product_id":"modified-irr","title":"MIRR Calculator - Modified Internal Rate of Return","description":"\u003cstyle\u003e\n.mirr-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  color: var(--ink);\n  background: var(--surface);\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  box-shadow: 0 1px 2px rgba(15,23,42,.06);\n  font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Helvetica, Arial, sans-serif;\n  font-size: 15px;\n  line-height: 1.55;\n  margin: 0 auto;\n  max-width: 1200px;\n  overflow-wrap: anywhere;\n  padding: 24px;\n  width: 100%;\n}\n.mirr-calculator, .mirr-calculator *, .mirr-calculator *::before, .mirr-calculator *::after { box-sizing: border-box; }\n.mirr-calculator * { min-width: 0; }\n.mirr-calculator h2, .mirr-calculator h3, .mirr-calculator p { margin-top: 0; }\n.mirr-calculator button, .mirr-calculator input { font: inherit; }\n.mirr-calculator button { cursor: pointer; }\n.mirr-calculator a { color: var(--primary); text-decoration-thickness: 1px; text-underline-offset: 2px; }\n.mirr-calculator a:hover { text-decoration-thickness: 2px; }\n.mirr-header { border-bottom: 1px solid var(--border); padding-bottom: 16px; }\n.mirr-title { font-size: 24px; font-weight: 700; letter-spacing: -.02em; line-height: 1.25; margin-bottom: 8px; }\n.mirr-subtitle { color: var(--muted); margin-bottom: 16px; max-width: 760px; }\n.mirr-pills { display: flex; flex-wrap: wrap; gap: 8px; }\n.mirr-pill { align-items: center; background: var(--tint); border: 1px solid var(--border); border-radius: 999px; color: var(--muted); display: inline-flex; font-size: 13px; font-weight: 600; gap: 6px; padding: 4px 10px; }\n.mirr-pill strong { color: var(--ink); font-variant-numeric: tabular-nums; }\n.mirr-toolbar { display: flex; flex-wrap: wrap; gap: 8px; padding: 16px 0 24px; }\n.mirr-button { align-items: center; border: 1px solid transparent; border-radius: 6px; display: inline-flex; font-size: 15px; font-weight: 650; gap: 10px; justify-content: center; min-height: 46px; padding: 11px 18px; white-space: nowrap; }\n.mirr-button:focus-visible, .mirr-input:focus-visible, .mirr-remove:focus-visible, .mirr-add:focus-visible { outline: 3px solid rgba(29,78,216,.35); outline-offset: 2px; }\n.mirr-download { background: var(--accent); color: #fff; }\n.mirr-download:hover { background: var(--accent-hover); box-shadow: 0 2px 4px rgba(15,23,42,.14); }\n.mirr-download:active { transform: translateY(1px); }\n.mirr-reset { background: var(--surface); border-color: #94a3b8; color: var(--ink); }\n.mirr-reset:hover { background: var(--tint); border-color: #64748b; }\n.mirr-excel-icon { height: 20px; width: 20px; }\n.mirr-workspace { display: grid; gap: 24px; grid-template-columns: minmax(0, 1.04fr) minmax(0, .96fr); }\n.mirr-panel { background: var(--surface); border: 1px solid var(--border); border-radius: 8px; box-shadow: 0 1px 2px rgba(15,23,42,.04); padding: 20px; }\n.mirr-section-title { font-size: 18px; font-weight: 650; line-height: 1.35; margin-bottom: 16px; }\n.mirr-input-grid { display: grid; gap: 16px; grid-template-columns: repeat(2, minmax(0, 1fr)); }\n.mirr-field { display: flex; flex-direction: column; gap: 6px; }\n.mirr-field-wide { grid-column: 1 \/ -1; }\n.mirr-label { color: var(--ink); font-size: 14px; font-weight: 600; }\n.mirr-input-wrap { position: relative; }\n.mirr-input { appearance: none; background: var(--surface); border: 1px solid #94a3b8; border-radius: 6px; color: var(--ink); font-size: 15px; font-variant-numeric: tabular-nums; height: 46px; line-height: 1.2; padding: 10px 42px 10px 12px; width: 100%; }\n.mirr-input:hover { border-color: #64748b; }\n.mirr-input[aria-invalid=\"true\"] { border-color: #b91c1c; }\n.mirr-unit { color: var(--muted); font-size: 13px; font-weight: 600; pointer-events: none; position: absolute; right: 12px; top: 50%; transform: translateY(-50%); }\n.mirr-help { color: var(--muted); font-size: 13px; font-weight: 500; line-height: 1.45; min-height: 19px; }\n.mirr-error { color: #991b1b; display: none; font-size: 13px; font-weight: 600; line-height: 1.4; }\n.mirr-error[data-visible=\"true\"] { display: block; }\n.mirr-cash-heading { align-items: end; display: flex; gap: 12px; justify-content: space-between; margin: 24px 0 12px; }\n.mirr-cash-heading .mirr-section-title { margin-bottom: 0; }\n.mirr-add { background: var(--surface); border: 1px solid var(--primary); border-radius: 6px; color: var(--primary); font-size: 13px; font-weight: 650; min-height: 38px; padding: 7px 12px; }\n.mirr-add:hover { background: #eff6ff; }\n.mirr-cash-list { display: grid; gap: 10px; }\n.mirr-cash-row { align-items: end; display: grid; gap: 8px; grid-template-columns: 74px minmax(0, 1fr) 42px; }\n.mirr-year { color: var(--muted); font-size: 13px; font-weight: 650; padding-bottom: 12px; }\n.mirr-remove { align-items: center; background: var(--surface); border: 1px solid #cbd5e1; border-radius: 6px; color: #9f1239; display: inline-flex; height: 46px; justify-content: center; padding: 0; width: 42px; }\n.mirr-remove:hover { background: #fff1f2; border-color: #fda4af; }\n.mirr-results { display: grid; gap: 16px; }\n.mirr-primary-result { background: #eff6ff; border: 1px solid #bfdbfe; border-radius: 8px; padding: 20px; }\n.mirr-result-kicker { color: #1e3a8a; font-size: 13px; font-weight: 700; letter-spacing: .05em; margin-bottom: 4px; text-transform: uppercase; }\n.mirr-result-value { color: #172554; font-size: 30px; font-variant-numeric: tabular-nums; font-weight: 700; line-height: 1.2; }\n.mirr-result-note { color: #1e3a8a; font-size: 13px; font-weight: 500; margin: 8px 0 0; }\n.mirr-metrics { display: grid; gap: 12px; grid-template-columns: repeat(2, minmax(0, 1fr)); }\n.mirr-metric { background: var(--tint); border: 1px solid var(--border); border-radius: 8px; padding: 14px; }\n.mirr-metric-label { color: var(--muted); font-size: 13px; font-weight: 600; margin-bottom: 4px; }\n.mirr-metric-value { color: var(--ink); font-size: 20px; font-variant-numeric: tabular-nums; font-weight: 700; line-height: 1.3; }\n.mirr-interpretation { background: #f0fdfa; border: 1px solid #99f6e4; border-radius: 6px; color: #134e4a; font-size: 13px; font-weight: 500; padding: 10px 12px; }\n.mirr-live { clip: rect(0 0 0 0); clip-path: inset(50%); height: 1px; overflow: hidden; position: absolute; white-space: nowrap; width: 1px; }\n.mirr-chart-card, .mirr-table-card, .mirr-education { margin-top: 24px; }\n.mirr-chart-intro { color: var(--muted); font-size: 13px; font-weight: 500; margin: -8px 0 16px; }\n.mirr-chart-cluster { align-items: center; display: grid; gap: 24px; grid-template-columns: minmax(0, 1.45fr) minmax(220px, .55fr); margin: 0 auto; max-width: 920px; }\n.mirr-plot-wrap { min-height: 292px; width: 100%; }\n.mirr-svg { display: block; height: auto; max-height: 360px; width: 100%; }\n.mirr-empty { align-items: center; background: var(--tint); border: 1px dashed #94a3b8; border-radius: 6px; color: var(--muted); display: none; font-size: 13px; font-weight: 600; justify-content: center; min-height: 112px; padding: 16px; text-align: center; }\n.mirr-empty[data-visible=\"true\"] { display: flex; }\n.mirr-legend { display: grid; gap: 10px; }\n.mirr-legend-row { align-items: center; display: grid; gap: 8px; grid-template-columns: 12px max-content max-content; justify-content: start; }\n.mirr-swatch { border-radius: 3px; height: 12px; width: 12px; }\n.mirr-legend-name { color: var(--ink); font-size: 13px; font-weight: 600; }\n.mirr-legend-value { color: var(--muted); font-size: 13px; font-variant-numeric: tabular-nums; font-weight: 600; }\n.mirr-chart-callout { background: var(--tint); border: 1px solid var(--border); border-radius: 6px; color: var(--muted); font-size: 13px; font-weight: 500; margin-top: 16px; padding: 10px 12px; }\n.mirr-safe-stack .mirr-chart-cluster { grid-template-columns: 1fr; row-gap: 20px; }\n.mirr-safe-stack .mirr-legend { justify-content: center; }\n.mirr-safe-stack .mirr-chart-callout { margin-top: 20px; }\n.mirr-chart-summary { border-collapse: collapse; margin-top: 16px; width: 100%; }\n.mirr-chart-summary th, .mirr-chart-summary td { border-bottom: 1px solid var(--border); font-size: 13px; padding: 8px 10px; text-align: left; }\n.mirr-chart-summary th { color: var(--muted); font-weight: 650; }\n.mirr-chart-summary td:last-child, .mirr-chart-summary th:last-child { text-align: right; }\n.mirr-table-wrap { overflow-x: auto; width: 100%; }\n.mirr-table { border-collapse: separate; border-spacing: 0; min-width: 760px; width: 100%; }\n.mirr-table th { background: var(--ink); color: #fff; font-size: 13px; font-weight: 650; padding: 10px 12px; text-align: right; }\n.mirr-table th:first-child { border-radius: 6px 0 0 0; text-align: left; }\n.mirr-table th:last-child { border-radius: 0 6px 0 0; }\n.mirr-table td { border-bottom: 1px solid var(--border); color: var(--ink); font-size: 13px; font-variant-numeric: tabular-nums; padding: 10px 12px; text-align: right; }\n.mirr-table td:first-child { text-align: left; }\n.mirr-table tbody tr:hover { background: var(--tint); }\n.mirr-table-note { background: var(--tint); border: 1px solid var(--border); border-radius: 6px; color: var(--muted); font-size: 13px; font-weight: 500; margin-top: 16px; padding: 10px 12px; }\n.mirr-safe-table-stack .mirr-table-note { margin-top: 20px; }\n.mirr-education { border-top: 1px solid var(--border); padding-top: 24px; }\n.mirr-education h2 { font-size: 20px; font-weight: 700; line-height: 1.35; margin: 28px 0 10px; }\n.mirr-education h2:first-child { margin-top: 0; }\n.mirr-education h3 { font-size: 16px; font-weight: 650; line-height: 1.4; margin: 20px 0 8px; }\n.mirr-education p { color: #334155; margin-bottom: 12px; }\n.mirr-education ul { color: #334155; margin: 0 0 16px; padding-left: 22px; }\n.mirr-education li { margin-bottom: 8px; }\n.mirr-formula { background: var(--tint); border: 1px solid var(--border); border-radius: 6px; color: var(--ink); font-variant-numeric: tabular-nums; margin: 12px 0 16px; padding: 12px; text-align: center; }\n@media (max-width: 899px) {\n  .mirr-workspace { grid-template-columns: 1fr; }\n}\n@media (max-width: 639px) {\n  .mirr-calculator { padding: 16px; }\n  .mirr-input-grid, .mirr-metrics { grid-template-columns: 1fr; }\n  .mirr-chart-cluster { grid-template-columns: 1fr; row-gap: 20px; }\n  .mirr-legend { justify-content: center; }\n  .mirr-chart-callout { margin-top: 16px; }\n  .mirr-plot-wrap { min-height: 250px; }\n}\n@media (max-width: 379px) {\n  .mirr-calculator { padding: 12px; }\n  .mirr-panel { padding: 16px; }\n  .mirr-toolbar { align-items: stretch; flex-direction: column; }\n  .mirr-button { width: 100%; }\n  .mirr-cash-heading { align-items: stretch; flex-direction: column; }\n  .mirr-add { width: 100%; }\n  .mirr-cash-row { grid-template-columns: 58px minmax(0, 1fr) 42px; }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"mirr-calculator\" data-calculator-root\u003e\n  \u003csection class=\"mirr-header\"\u003e\n    \u003ch2 class=\"mirr-title\"\u003eModified Internal Rate of Return Calculator\u003c\/h2\u003e\n    \u003cp class=\"mirr-subtitle\"\u003eEstimate MIRR by applying separate financing and reinvestment rates to a project's negative and positive cash flows.\u003c\/p\u003e\n    \u003cdiv class=\"mirr-pills\" aria-label=\"Live calculation summary\"\u003e\n      \u003cspan class=\"mirr-pill\"\u003ePeriods \u003cstrong class=\"mirr-pill-periods\"\u003e5\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"mirr-pill\"\u003ePositive inflows \u003cstrong class=\"mirr-pill-positive\"\u003e$24,000.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"mirr-pill\"\u003eNegative outflows \u003cstrong class=\"mirr-pill-negative\"\u003e$14,000.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"mirr-pill\"\u003eStatus \u003cstrong class=\"mirr-pill-status\"\u003eReady\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003cdiv class=\"mirr-toolbar\" aria-label=\"Calculator actions\"\u003e\n    \u003cbutton class=\"mirr-button mirr-download\" type=\"button\"\u003e\n      \u003csvg class=\"mirr-excel-icon\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"\u003e\u003cpath fill=\"currentColor\" d=\"M4 2h10l6 6v12a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V4c0-1.1.9-2 2-2Zm9 1.8V9h5.2L13 3.8ZM7.1 12l2.1 3-2.2 3h2.2l1.2-1.9 1.3 1.9h2.2l-2.3-3 2.2-3h-2.1l-1.2 1.8-1.2-1.8H7.1Z\"\u003e\u003c\/path\u003e\u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"mirr-button mirr-reset\" type=\"button\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n\n  \u003cdiv class=\"mirr-workspace\"\u003e\n    \u003csection class=\"mirr-panel mirr-inputs\" aria-labelledby=\"mirr-input-title\"\u003e\n      \u003ch3 class=\"mirr-section-title\" id=\"mirr-input-title\"\u003eProject assumptions\u003c\/h3\u003e\n      \u003cdiv class=\"mirr-input-grid\"\u003e\n        \u003cdiv class=\"mirr-field\"\u003e\n          \u003clabel class=\"mirr-label\" for=\"mirr-finance-rate\"\u003eFinancing rate\u003c\/label\u003e\n          \u003cdiv class=\"mirr-input-wrap\"\u003e\n            \u003cinput class=\"mirr-input mirr-rate-input\" id=\"mirr-finance-rate\" type=\"text\" inputmode=\"decimal\" value=\"10\" autocomplete=\"off\"\u003e\n            \u003cspan class=\"mirr-unit\"\u003e%\u003c\/span\u003e\n          \u003c\/div\u003e\n          \u003cspan class=\"mirr-help\"\u003eAnnual cost of funding negative cash flows.\u003c\/span\u003e\n          \u003cspan class=\"mirr-error\" data-error-for=\"mirr-finance-rate\"\u003e\u003c\/span\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"mirr-field\"\u003e\n          \u003clabel class=\"mirr-label\" for=\"mirr-reinvest-rate\"\u003eReinvestment rate\u003c\/label\u003e\n          \u003cdiv class=\"mirr-input-wrap\"\u003e\n            \u003cinput class=\"mirr-input mirr-rate-input\" id=\"mirr-reinvest-rate\" type=\"text\" inputmode=\"decimal\" value=\"12\" autocomplete=\"off\"\u003e\n            \u003cspan class=\"mirr-unit\"\u003e%\u003c\/span\u003e\n          \u003c\/div\u003e\n          \u003cspan class=\"mirr-help\"\u003eAnnual return earned on positive cash flows.\u003c\/span\u003e\n          \u003cspan class=\"mirr-error\" data-error-for=\"mirr-reinvest-rate\"\u003e\u003c\/span\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"mirr-field mirr-field-wide\"\u003e\n          \u003clabel class=\"mirr-label\" for=\"mirr-initial-investment\"\u003eInitial investment\u003c\/label\u003e\n          \u003cdiv class=\"mirr-input-wrap\"\u003e\n            \u003cinput class=\"mirr-input mirr-currency-input\" id=\"mirr-initial-investment\" type=\"text\" inputmode=\"decimal\" value=\"$10,000.00\" autocomplete=\"off\"\u003e\n            \u003cspan class=\"mirr-unit\"\u003eUSD\u003c\/span\u003e\n          \u003c\/div\u003e\n          \u003cspan class=\"mirr-help\"\u003eEnter the time-zero cash outlay as a positive amount.\u003c\/span\u003e\n          \u003cspan class=\"mirr-error\" data-error-for=\"mirr-initial-investment\"\u003e\u003c\/span\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n\n      \u003cdiv class=\"mirr-cash-heading\"\u003e\n        \u003ch3 class=\"mirr-section-title\"\u003eAnnual cash flows\u003c\/h3\u003e\n        \u003cbutton class=\"mirr-add\" type=\"button\"\u003eAdd cash flow\u003c\/button\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"mirr-cash-list\" aria-label=\"Annual cash flow inputs\"\u003e\u003c\/div\u003e\n    \u003c\/section\u003e\n\n    \u003csection class=\"mirr-panel mirr-results\" aria-labelledby=\"mirr-results-title\"\u003e\n      \u003ch3 class=\"mirr-section-title\" id=\"mirr-results-title\"\u003eLive results\u003c\/h3\u003e\n      \u003cdiv class=\"mirr-primary-result\"\u003e\n        \u003cdiv class=\"mirr-result-kicker\"\u003eModified internal rate of return\u003c\/div\u003e\n        \u003cdiv class=\"mirr-result-value mirr-mirr-value\"\u003e17.53%\u003c\/div\u003e\n        \u003cp class=\"mirr-result-note mirr-primary-note\"\u003eAnnualized return after financing and reinvestment assumptions.\u003c\/p\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"mirr-metrics\"\u003e\n        \u003cdiv class=\"mirr-metric\"\u003e\n          \u003cdiv class=\"mirr-metric-label\"\u003eFuture value of inflows\u003c\/div\u003e\n          \u003cdiv class=\"mirr-metric-value mirr-fv-value\"\u003e$29,836.32\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"mirr-metric\"\u003e\n          \u003cdiv class=\"mirr-metric-label\"\u003ePresent value of outflows\u003c\/div\u003e\n          \u003cdiv class=\"mirr-metric-value mirr-pv-value\"\u003e$13,305.79\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"mirr-metric\"\u003e\n          \u003cdiv class=\"mirr-metric-label\"\u003eNominal net cash flow\u003c\/div\u003e\n          \u003cdiv class=\"mirr-metric-value mirr-net-value\"\u003e$10,000.00\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"mirr-metric\"\u003e\n          \u003cdiv class=\"mirr-metric-label\"\u003eProject horizon\u003c\/div\u003e\n          \u003cdiv class=\"mirr-metric-value mirr-years-value\"\u003e5 years\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"mirr-interpretation mirr-interpretation-text\"\u003eThe project compounds to a positive annualized modified return under the current assumptions.\u003c\/div\u003e\n      \u003cdiv class=\"mirr-live\" aria-live=\"polite\" aria-atomic=\"true\"\u003e\u003c\/div\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"mirr-panel mirr-chart-card\" aria-labelledby=\"mirr-chart-title\"\u003e\n    \u003ch3 class=\"mirr-section-title\" id=\"mirr-chart-title\"\u003eCash flow profile\u003c\/h3\u003e\n    \u003cp class=\"mirr-chart-intro\"\u003eBars show the nominal project cash flow in each period; positive and negative values use distinct series.\u003c\/p\u003e\n    \u003cdiv class=\"mirr-chart-cluster\"\u003e\n      \u003cdiv class=\"mirr-plot-wrap\"\u003e\n        \u003csvg class=\"mirr-svg\" role=\"img\" aria-labelledby=\"mirr-chart-title mirr-chart-desc\"\u003e\u003c\/svg\u003e\n        \u003cdiv class=\"mirr-empty\"\u003eEnter at least one non-zero cash flow to see the chart.\u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"mirr-legend\" aria-label=\"Cash flow chart legend\"\u003e\u003c\/div\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"mirr-chart-callout\" id=\"mirr-chart-desc\"\u003ePositive inflows are compounded to the final period; negative outflows are discounted to time zero.\u003c\/div\u003e\n    \u003cdiv class=\"mirr-chart-summary-wrap mirr-table-wrap\"\u003e\n      \u003ctable class=\"mirr-chart-summary\" aria-label=\"Cash flow chart summary\"\u003e\n        \u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSeries\u003c\/th\u003e\n\u003cth\u003eTotal\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n        \u003ctbody class=\"mirr-chart-summary-body\"\u003e\u003c\/tbody\u003e\n      \u003c\/table\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003csection class=\"mirr-panel mirr-table-card\" aria-labelledby=\"mirr-table-title\"\u003e\n    \u003ch3 class=\"mirr-section-title\" id=\"mirr-table-title\"\u003eMIRR calculation schedule\u003c\/h3\u003e\n    \u003cdiv class=\"mirr-table-wrap\"\u003e\n      \u003ctable class=\"mirr-table\"\u003e\n        \u003cthead\u003e\n          \u003ctr\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003cth\u003eCash flow\u003c\/th\u003e\n\u003cth\u003eType\u003c\/th\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003ePV of outflow\u003c\/th\u003e\n\u003cth\u003eFV of inflow\u003c\/th\u003e\n\u003c\/tr\u003e\n        \u003c\/thead\u003e\n        \u003ctbody class=\"mirr-table-body\"\u003e\u003c\/tbody\u003e\n        \u003ctfoot class=\"mirr-table-foot\"\u003e\u003c\/tfoot\u003e\n      \u003c\/table\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"mirr-table-note\"\u003eNegative values are discounted at the financing rate; positive values are compounded at the reinvestment rate. The initial investment is treated as a time-zero outflow.\u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003csection class=\"mirr-education\"\u003e\n    \u003ch2\u003eWhat does this MIRR calculator estimate?\u003c\/h2\u003e\n    \u003cp\u003eModified internal rate of return, or MIRR, estimates a project's annualized return while separating two assumptions that ordinary IRR blends together. It applies a financing rate to negative cash flows and a reinvestment rate to positive cash flows. That distinction can produce a more realistic comparison when a project requires later funding or when interim proceeds are unlikely to be reinvested at the project's own IRR.\u003c\/p\u003e\n    \u003cp\u003eThe calculator starts with an initial investment at time zero and then evaluates a sequence of annual cash flows. It compounds every positive cash flow forward to the final year, discounts every negative annual cash flow back to time zero, and finds the single annual rate that connects those two totals across the project horizon.\u003c\/p\u003e\n\n    \u003ch2\u003eHow should each input be used?\u003c\/h2\u003e\n    \u003ch3\u003eFinancing rate\u003c\/h3\u003e\n    \u003cp\u003eThe financing rate is the annual cost associated with funding negative cash flows. Use a percentage consistent with the project's borrowing cost, hurdle rate for committed capital, or another defensible funding assumption. The field is required for a complete MIRR calculation, accepts zero, and is applied only to negative cash flows after the initial investment. A higher financing rate reduces the present-value burden of later negative cash flows because those outflows are discounted more heavily; this can raise MIRR. A common mistake is entering a decimal such as 0.10 when 10% is intended. This calculator accepts either formatted percentages or plain numbers and interprets 10 as 10%.\u003c\/p\u003e\n    \u003ch3\u003eReinvestment rate\u003c\/h3\u003e\n    \u003cp\u003eThe reinvestment rate is the annual return expected on positive cash flows received before the project ends. Use a rate that reflects a realistic destination for interim proceeds, such as a treasury rate, portfolio return assumption, or corporate reinvestment opportunity. A higher reinvestment rate increases the terminal value of earlier inflows and therefore generally increases MIRR. Zero is valid and means positive cash flows do not grow after receipt. Do not automatically use the project's IRR; MIRR is designed precisely to avoid that often unrealistic reinvestment assumption.\u003c\/p\u003e\n    \u003ch3\u003eInitial investment\u003c\/h3\u003e\n    \u003cp\u003eEnter the time-zero project outlay as a positive dollar amount. The model automatically treats it as a negative cash flow. It is required for the usual investment interpretation, though a zero value is permitted for testing. A larger initial investment increases the present value of outflows and lowers MIRR when other inputs stay constant. Do not type the initial amount as negative, because that would reverse the intended meaning; the calculator validates the field and asks for a non-negative amount.\u003c\/p\u003e\n    \u003ch3\u003eAnnual cash flows\u003c\/h3\u003e\n    \u003cp\u003eEach row represents the net cash flow at the end of that year. Positive numbers are inflows and negative numbers are additional investments, operating losses, or other outflows. Zero is allowed. Use “Add cash flow” to extend the horizon and the remove button to delete a period. The final remaining row determines the project horizon, so removing or adding years changes the exponent in the MIRR formula even when the new cash flow is zero. Enter net amounts rather than mixing revenues and costs unless those components have already been combined consistently.\u003c\/p\u003e\n\n    \u003ch2\u003eHow is MIRR calculated?\u003c\/h2\u003e\n    \u003cp\u003eLet \u003cstrong\u003en\u003c\/strong\u003e be the number of annual periods. The model calculates the future value of positive cash flows at the end of year n and the present value of all negative cash flows at time zero. It then annualizes the ratio:\u003c\/p\u003e\n    \u003cdiv class=\"mirr-formula\"\u003eMIRR = (Future value of positive cash flows ÷ Present value of negative cash flows)\u003csup\u003e1\/n\u003c\/sup\u003e − 1\u003c\/div\u003e\n    \u003cp\u003eA positive inflow in year i is multiplied by (1 + reinvestment rate)\u003csup\u003en−i\u003c\/sup\u003e. A negative outflow in year i is divided by (1 + financing rate)\u003csup\u003ei\u003c\/sup\u003e. The initial investment is already at time zero, so it needs no discounting. This framework is consistent with the logic used by spreadsheet MIRR functions; Microsoft's \u003ca href=\"https:\/\/support.microsoft.com\/en-us\/office\/mirr-function-b020f038-7492-4fb4-93c1-35c345b53524\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eMIRR function documentation\u003c\/a\u003e provides a useful cross-check for spreadsheet users.\u003c\/p\u003e\n\n    \u003ch2\u003eHow should the results be interpreted?\u003c\/h2\u003e\n    \u003ch3\u003eModified internal rate of return\u003c\/h3\u003e\n    \u003cp\u003eThe primary result is the annualized rate connecting financed outflows with reinvested inflows. A positive MIRR means the terminal value of positive cash flows exceeds the present value of outflows over the stated horizon. A zero MIRR means the two totals are equal on an annualized basis. A negative MIRR means the terminal value is lower. MIRR is not a recommendation by itself; compare it with a consistent hurdle rate and with alternatives that have similar risk, timing, and scale.\u003c\/p\u003e\n    \u003ch3\u003eFuture value of inflows\u003c\/h3\u003e\n    \u003cp\u003eThis total shows what all positive annual cash flows are worth at the end of the project after compounding at the reinvestment rate. It rises with larger or earlier positive cash flows and with a higher reinvestment rate. A zero value means there are no positive inflows, so MIRR cannot be calculated.\u003c\/p\u003e\n    \u003ch3\u003ePresent value of outflows\u003c\/h3\u003e\n    \u003cp\u003eThis total includes the initial investment plus discounted later negative cash flows. It rises with a larger initial outlay or larger losses. A zero value means there is no investment base, so the MIRR ratio is undefined. The schedule makes each contribution transparent.\u003c\/p\u003e\n    \u003ch3\u003eNominal net cash flow and project horizon\u003c\/h3\u003e\n    \u003cp\u003eNominal net cash flow is the simple sum of all inflows minus the initial investment and later outflows; it ignores time value. It can differ materially from MIRR because timing matters. Project horizon is the number of annual rows and controls the annualization period.\u003c\/p\u003e\n\n    \u003ch2\u003eHow do the chart and schedule help?\u003c\/h2\u003e\n    \u003cp\u003eThe bar chart reveals the timing and sign of each cash flow. Early positive bars receive more years of reinvestment, while later negative bars are discounted over more years. The legend and summary table use the same current-state values as the plotted bars. The schedule then shows the exact factor and contribution used for every period, letting you reconcile the displayed future value and present value totals.\u003c\/p\u003e\n\n    \u003ch2\u003eWhat are the main benefits and limitations?\u003c\/h2\u003e\n    \u003cp\u003eMIRR avoids the multiple-solution problem that can affect ordinary IRR when cash-flow signs change more than once. It also replaces IRR's implicit reinvestment assumption with an explicit rate. However, the result remains sensitive to estimated cash flows and rates, and it compresses a complete project into one percentage. Review NPV, payback, risk, liquidity, and scenario ranges alongside MIRR. The World Bank's discussion of \u003ca href=\"https:\/\/openknowledge.worldbank.org\/handle\/10986\/11791\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eNPV, IRR, and modified IRR\u003c\/a\u003e explains why metric selection depends on the decision context. For broader time-value intuition, the U.S. Securities and Exchange Commission's \u003ca href=\"https:\/\/www.investor.gov\/financial-tools-calculators\/calculators\/compound-interest-calculator\" target=\"_blank\" rel=\"noopener noreferrer\"\u003ecompound interest calculator\u003c\/a\u003e illustrates how rates and time interact.\u003c\/p\u003e\n    \u003cp\u003eCommon mistakes include mixing monthly and annual figures, omitting a terminal cash flow, double-counting the initial investment, using gross revenue instead of net cash flow, and comparing MIRRs built from inconsistent financing assumptions. Use scenario testing rather than relying on one forecast, and document the source of each assumption.\u003c\/p\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909486158067,"sku":"modified-irr","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/modified-irr.webp?v=1783935497","url":"https:\/\/financialmodelslab.com\/products\/modified-irr","provider":"Financial Models Lab","version":"1.0","type":"link"}