**Description** Computes the yield of a security (per $100 face value) purchased during a last coupon period that is shorter or longer than the other coupon periods. In addition to the dates, you must specify the rate, redemption value, and price.

**Syntax** ODDLYIELD (*settlement, maturity, last_coupon, rate, price, redemption, frequency *[*, calendar_type*])

Argument | Description |
---|---|

settlement |
The date when the security is traded to the buyer. It must be after last_coupon. Decimal values will be truncated to integers. |

maturity |
The date the security expires and the remaining amount is paid to the investor. Decimal values will be truncated to integers. |

last_coupon |
The date of the last interest payment. |

rate |
The security's annual coupon rate. |

price |
The price paid by the buyer at settlement. |

redemption |
The security's redemption value per $100 face value. This is the amount paid at maturity that is not part of any final coupon payment. |

frequency |
The number of interest payments per year. See The frequency Argument for more information. |

[calendar_type] |
Optional. One of five methods of counting days for computing interest. See The calendar_type Argument for more information. |

**Remarks **This function should be used only when the security's last coupon date is a different length than the other coupon dates AND the security was purchased during this odd coupon period.

If all coupon periods are of equal length, use YIELD. If the first coupon period is shorter or longer than the rest, use ODDFYIELD.

**Examples** This function returns 0.079064:

- ODDLYIELD("6/1/96","1/1/98","1/1/96",.07,98.4,100,2)