DURATION

DURATION(settlement, maturity, coupon, yield, frequency [,basis])

Returns the annual duration of a security that pays interest periodically.

settlement	The settlement date of the security.
maturity	The maturity date of the security.
coupon	The annual coupon rate of the security.
yield	The annual yield of the security.
frequency	The number of coupon payments per year: 1 = annual 2 = semi annual 4 = quarterly
basis	(Optional) The type of day counting to use: 0 = 30/360 (default) 1 = Actual/Actual 2 = Actual/360 3 = Actual/365 4 = 30E/360

REMARKS

* This function assumes the par value is $100.
* This function is defined as the weighted average of the present value of the cash flows and is used as a measure of a bond price's response to changes in yield.
* This function uses Macauley ??
* The "settlement" date is the date a buyer purchases a coupon, such as a bond.
* Dates must be entered as text strings with quotation marks or as serial numbers.
* If "settlement" is not an integer, it is truncated.
* If "settlement" is not a valid date, then #NUM! is returned.
* If "settlement" >= "maturity", then #NUM! is returned.
* The "maturity" date is the date when the security expires.
* If "maturity" is not an integer, it is truncated.
* If "maturity" is not a valid date, then #NUM! is returned.
* If "coupon" < 0, then #NUM! is returned.
* If "yield" < 0, then #NUM! is returned.
* If "frequency" is not an integer, it is truncated.
* If "frequency" is any number other than 1, 2 or 4, then #NUM! is returned.
* If "basis" is left blank, then 0 is used.
* If "basis" is not an integer, it is truncated.
* If "basis" < 0, then #NUM! is returned.
* If "basis" > 4, then #NUM! is returned.
* For the Microsoft documentation refer to support.microsoft.com
* For the Google documentation refer to support.google.com

	A
1	=DURATION("1/1/1998", "1/1/2006", 0.08, 0.09, 2) = 5.994
2	=DURATION("1/1/1998", "1/1/2006", 0.08, 0.09, 2, 1) = 5.994