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256 Appendix E: Formulas Used
File name: hp 12c pt_user's guide_English_HDPMF123E27 Page: 256 of 275
Printed Date: 2005/8/1 Dimension: 14.8 cm x 21 cm
L
FACT
RBVDPN
j
j
100
1
⋅=
−
for j
≠
1
Modified Internal Rate of Return
n = number of compounding periods.
NFV
P
= Net future value of the positive cash flows.
NPV
N
= Net present value of the negative cash flows.
⎥
⎥
⎥
⎦
⎤
⎢
⎢
⎢
⎣
⎡
−
⎟
⎟
⎠
⎞
⎜
⎜
⎝
⎛
−
= 1100
1
n
N
P
NPV
NFV
MIRR
Advance Payments
A = number of payments made in advance.
⎥
⎥
⎦
⎤
⎢
⎢
⎣
⎡
+
+−
+−
=
−−
−
A
i
i
iFVPV
PMT
An
n
)(
)1(1
)1(
Interest Rate Conversions
C = number of compounding periods per year.
EFF = the effective annual interest rate as a decimal.
NOM = the nominal annual interest rate as a decimal.
Finite Compounding
11 −
⎟
⎠
⎞
⎜
⎝
⎛
+=
C
C
NOM
EFF
Continuous Compounding
)1( −=
NOM
eEFF