YIELDDISC(settlement, maturity, price, redemption [,basis]) 
Returns the interest rate (annual) for a discounted security (no interest payments). 
settlement  The settlement date of the security. 
maturity  The maturity date of the security. 
price  The price per $100 face value. 
redemption  The redemption value per $100 face value. 
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 
* The "settlement" date is the date a buyer purchases a coupon, such as a bond. * The "maturity" date is the date when a coupon expires. * The "redemption" value is the value of the security when it matures. * The "redemption" value is often referred to as the par value. * 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 "maturity" is not an integer, it is truncated. * If "maturity" is not a valid date, then #NUM! is returned. * If "price" = 0, then #NUM! is returned. * If "redemption" = 0, then #NUM! is returned. * If "basis" is not an integer, it is truncated. * If "basis" < 0, then #NUM! is returned. * If "basis" > 4, then #NUM! is returned. * If "settlement" = "maturity", then #NUM! is returned. * An example of a discounted security is a US Treasury bill. * There is also a YIELD for the interest rate (annual) for a series of equal cash flows at regular intervals. * There is also a YIELDMAT for the interest rate (annual) of a security that pays its interest at maturity. * For the Microsoft documentation refer to support.office.com 

1  What is the yield of a 20year treasury bill issued on January 1 2008, with a settlement date of July 1 2009 with a redemption value of $65 and a price ratio of 100. The maturity date would therefore be January 1 2028 (issue date + 20 years). 
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