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I refer readers to my earlier articles in Management Accounting (January 1997, October 1998 and June 1999), which look at the four measures of NPV, IRR, MIRR and MGR.
The difference between the MIRR figure in table 2 and the one you derived is a result of an interpolation between two values from tables.
It can be viewed as a "net" variant of the MIRR. To validate the meaning of the MGR, it can be seen that applying a compound interest rate equal to the MGR to the initial cost of a project will produce, in the life of that project, a value equal to the present value of the project's net cash inflows.
It can also be seen that the MGR when added to the cost of capital per centage (8 per cent + 7.8 per cent = 15.8 per cent) is an approximation of the MIRR (16.3 per cent).
The IIR of the project = 29.5 per cent CALCULATION OF THE MIRR Year Cash flow (f) 0 585,000 The net cash flows from the project for years one to 10 are compounded at the same rate as the cost of capital (8 per cent in this case) into a single figure for year 10.
The MIRR of the project (based on a cash outflow of 585,000 [pounds sterling] in year zero and a single cash inflow in year 10 of 2,680,377 [pounds sterling]= 16.3% CALCULATION OF NPV AND THE MGR Year Cash flow ([pounds sterling]) 0 -585000 Net cash Discount Year inflow factor 8% 1 175,000 09259 2 185,500 0.8573 3 192,500 0.7938 4 197,500 0.7350 5 202,500 0.6806 6 205,000 0.6302 7 200,450 0.5835 8 195,000 0.5403 9 175,000 0.5002 10 98,500 0.4632 PV of net Cumulative Year cash inflows([pounds sterling]) PVs ([pounds sterling]) 1 162,033 162033 2 159,029 321062 3 152,807 473868 4 145,163 619031 5 137,822 756852 6 129,191 886043 7 116,963 1003006 8 105,359 1108364 9 87,535 1195899 10 45,625 1241524 Total 1,241,524