Description Computes the annual yield on a security that pays interest only at maturity, given specified dates, interest rate, and price.
Syntax YIELDMAT ( settlement, maturity, issue, rate, price [, calendar_type] )
| Argument | Description |
|---|---|
| settlement | The date when the security is traded to the buyer. Decimal values will be truncated to integers. |
| maturity | The date the security expires and the remaining amount is paid to the investor. It must be later than settlement. Decimal values will be truncated to integers. |
| issue | The date the security was originally issued and began earning interest. Decimal values will be truncated to integers. |
| rate | The security's annual interest rate at date of issue. |
| price | The amount the buyer pays, per $100 face value. |
| [calendar_type] | Optional. One of five methods of counting days for computing interest. See The calendar_type Argument for more information. |
Equation
where the three-letter codes correspond to values you can compute using the YEARFRAC function, as shown in the following table.
| Code | Meaning | Function |
|---|---|---|
| DIM | Days from issue to maturity. | YEARFRAC(issue, maturity, calendar_type) |
| DIS | Days from issue to settlement. | YEARFRAC(issue, settlement, calendar_type) |
| DSM | Days from settlement to maturity. | YEARFRAC(settlement, maturity, calendar_type) |
Example This function returns 0.046:
YIELDMAT("9/19/86","2/28/94","2/28/84",0.0525,100.0154)
See Also PRICE, PRICEDISC, PRICEMAT, YIELD, YIELDDISC
