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| Microsoft Excel > Functions > Financial > YIELDDISC |
YIELDDISC(settlement, maturity, pr, redemption [,basis]) |
| Returns the annual yield for a discounted security. |
| settlement | The settlement date of the security. | |
| maturity | The maturity date of the security. | |
| pr | The price per $100 face value. | |
| redemption | The redemption value per $100 face value. | |
| basis | The type of day counting to use. 0 = US 30/360 1 = Actual/Actual 2 = Actual/360 3 = Actual/365 4 = European 30/360 |
| REMARKS |
| This function is only available if you have the Analysis ToolPak add-in installed. | ||
| The settlement date is the date a buyer purchases a coupon, such as a bond. | ||
| The maturity date is the date when a coupon expires. | ||
| The redemption value is the value of the security when it matures. Sometimes referred to as the Par value. | ||
| The "settlement", "maturity", and "basis" are truncated to integers. | ||
| If "settlement" or "maturity" is not a valid date, then #NUM! is returned. | ||
| If "pr" = 0, then #NUM! is returned. | ||
| If "redemption" = 0, then #NUM! is returned. | ||
| If "basis" < 0, then #NUM! is returned. | ||
| If "basis" > 4, then #NUM! is returned. | ||
| If "settlement" = "maturity", then #NUM! is returned. | ||
| An example of a discounted security is a US Treasury bill. | ||
| Example 1 - What is the yield of a 20-year treasury bill issued on January 1 2008, with a settlement date of July 1 2009 with a redemption value of $65 and a price ratio of 100. The maturity date would therefore be January 1 2028 (issue date + 20 years). |
| EXAMPLES |
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