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 = US 30/360 (default) 1 = Actual/Actual 2 = Actual/360 3 = Actual/365 4 = European 30/360 
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. * In Excel 2007 the accuracy of this function was improved. * For the Microsoft documentation refer to support.microsoft.com 

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