XL2000: ODDFYIELD Returns #NUM with Online Help Example (262339)
The information in this article applies to:
This article was previously published under Q262339 SYMPTOMS
When you view information about the ODDFYIELD worksheet function in Microsoft Excel Help, you see the following text:
The yield of a security that has an odd (short or long) first period is:
ODDFYIELD("1/25/1999","1/1/2004","1/18/1999","7/15/1999",0.0575,084.50,100,2,0)
equals .097581 or 9.76 percent
However, when you type this formula into Excel 2000, you receive the #NUM! error value. NOTE: This same formula works as described in earlier versions of Excel.
CAUSE
ODDFYIELD cannot return a valid result when both the first and last coupon dates are odd.
RESOLUTION
Change the maturity argument in the ODDFYIELD worksheet function to "1/15/2004". This date change ensures that the last coupon date is not odd. The following formula equals 0.097581282, or 9.76 percent:
=ODDFYIELD("1/25/1999","1/15/2004","1/18/1999","7/15/1999",0.0575,084.50,100,2,0)
REFERENCES
Lynch, John J., Jr., and Jan H. Mayle. Standard Securities Calculation Methods, Fixed Income Securities Formulas. New York: Securities Industry Association, 1994.
Modification Type: | Major | Last Reviewed: | 9/25/2003 |
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Keywords: | kbprb KB262339 |
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