Definitions for "MODIFIED INTERNAL RATE OF RETURN"
is the rate of return which equates the initial investment with the terminal value, where the terminal value is the future value of the cash inflows compounded at the required rate of return (the opportunity cost of capital).
MIRR is a variant of IRR which has several advantages including a single answer and a more sensible reinvestment assumption.... more on: Modified internal rate of return
The interest rate at which the project's present value of investment costs equal the project's terminal value of net cash flows. An acceptable capital budgeting project has a modified internal rate of return greater than the required rate of return.