MDURATION

This function calculates the modified Macauley duration of a security with an assumed par value of $100.

Syntax

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

This function has these arguments:

Argument	Description
settlement	[Required] Settlement date for the security
maturity	[Required] Maturity date for the security
coupon	[Required] Annual coupon rate
yield	[Required] Annual yield for the security
frequency	[Required] Frequency of payment, number of coupon payments per year; must be 1, 2, or 4
basis	[Optional] Integer representing the basis for day count

This function returns a #VALUE! error when settlement or maturity is invalid or a #NUM! error when frequency is a number other than 1, 2, or 4.

The function returns an error in the following cases:

If coupon is less than 0 or yield is less than 0, a #NUM! error is returned.
If basis is less than 0 or greater than 4, a #NUM! error is returned.
If settlement is greater than or equal to maturity, a #NUM! error is returned.

MDURATION(A1,B2,C3,D4,E5,F6)