MDURATION(settlement, maturity, coupon, yld, frequency [,basis]) 
Returns the modified duration for 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. 
yld  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 calculates the annual modified duration for a security with regular interest payments adjusted for markey yield per number of coupon payments a year. * Duration is the weighted average of the coupon payment cash flows and is a measure of the bond's interest rate risk and MDuration divides the duration by (1 + yield/frequency). * Dates must be entered as text strings with quotation marks or as serial numbers. * The "settlement" date is the date a buyer purchases a coupon, such as a bond. * If "settlement" is not a valid date, then #NUM! is returned. * If "settlement" >= "maturity", then #NUM! is returned. * The "maturity" 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 "yld" < 0, then #NUM! is returned. * If "coupon" < 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. * In Excel 2003 this function was only available when you had the Analysis ToolPak addin loaded. * For the Microsoft documentation refer to support.office.com 

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