Given strong theoretical support and the inclusion of MIRR in popular financial
spreadsheet packages, it may appear surprising that MIRR has garnered so little
acceptance from the CFO’s in this study. It is possible MIRR will gain acceptance in the
delayed manner that NPV gained acceptance over a period of several decades. If this is
to be the case, we may see a surge in MIRR applications over the next decade as more
financial managers work with this technique especially if the reinvestment rate argument
is valid.6