:Tabular Financial Functions MDURATION Function-Table skills免费ppt模版下载-道格办公

Picture and text skills
Case

Returns the Macauley modified maturity for a security assuming a par value of $100.

Grammar

MDURATION(settlement, maturity, coupon, yld, frequency, [basis])

Important: Dates should be entered using the DATE function or as the result of another formula or function. For example, use the function DATE(2008,5,23) to enter May 23, 2008. The problem occurs if the date is entered as text.

MDURATION function syntax has the following parameters:

▪Settlement Required. The settlement date of a security. The settlement date of the securities is the date after the issuance date when the securities are sold to the purchaser.

▪Maturity Required. The maturity date of a security. The expiry date is the date when a security expires.

▪Coupon Required. The annual coupon rate of a security.

▪Yld Required. The annual rate of return on a marketable security.

▪Frequency Required. Number of annual interest payments. If you pay annually, frequency = 1; if you pay semiannually, frequency = 2; if you pay quarterly, frequency = 4.

▪Basis Optional. The type of day count basis to use.

Basis	Daily counting basis
0 or omitted	US (NASD) 30/360
1	Actual/Actual
2	Actual/360
3	Actual/365
4	Europe 30/360

Description

▪WPS tables can store dates as serial numbers that can be used for calculations. By default, the serial number for January 1, 1900 is 1, and the serial number for January 1, 2008 is 39448 because it is 39448 days from January 1, 1900.

▪The settlement date is the date when the buyer purchases the coupon (such as a bond). The maturity date is the date when the coupon expires. For example, a 30-year bond issued on January 1, 2008, was purchased by a buyer six months later. The issuance date is January 1, 2008, the settlement date is July 1, 2008, and the maturity date is 30 years after the issuance date of January 1, 2008, that is, January 1, 2038.

▪Settlement, maturity, frequency and basis will be truncated.

▪ If the settlement or expiration date is not a valid date, MDURATION returns #VALUE! .

▪If yld < 0 or coupon < 0, MDURATION returns #NUM! .

▪ If frequency is any number except 1, 2, or 4, MDURATION returns #NUM! .

▪If basis < 0 or basis > 4, MDURATION returns #NUM! .

▪ If settlement ≥ maturity, MDURATION will return #NUM! .

▪The correction period is calculated as follows: 图片4.png

Example

Data	Description
2008-1-1	Settlement Day
2016-1-1	Expiration date
8%	Coupon rate
9%	Yield
2	Pay semi-annually (see information above)
1	Based on actual days/actual days (see information above)
Formula	Description	Results
=MDURATION(A2,A3,A4,A5,A6,A7)	The modified maturity of the bond under the conditions specified in A2:A5.	5.736

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