# DURATION

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## Content



This function returns the Macauley duration for an assumed par value of $100.

## Syntax

DURATION(*settlement*,*maturity*,*coupon*,*yield*,*frequency*,*basis*)

## Arguments

This function has these arguments:

| **Argument** | **Description** |
| -------- | ----------- |
| *settlement* | Settlement date for the security |
| *maturity* | Maturity date for the security |
| *coupon* | Annual coupon rate |
| *yield* | Annual yield for the security |
| *frequency* | Frequency of payment, number of coupon payments per year; must be 1, 2, or 4 |
| *basis* | [Optional] Integer representing the basis for day count (Refer to [Day Count Basis](/spreadnet/docs/latest/online-formula/formulas-overview/formulas-functs/formulas-functtypes/formulas-functsfinance/formulas-functsdaycount).) |

## Remarks

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. Settlement, maturity, frequency, and basis are truncated to integers. 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.

## Data Types

Accepts numeric and DateTime object data. Returns numeric data.

## Examples

`DURATION(C1,C2,C3,C4,C5,C6)`
`DURATION(R5C2,R2C4,R3C1,R4C1,R5C1)`

## Version Available

This function is available in product version 2.0 or later.

## See Also

[COUPDAYS](/spreadnet/docs/latest/online-formula/formulas-functionsall/formulas-functsAtoC/FunctionCOUPDAYS) \| [MDURATION](/spreadnet/docs/latest/online-formula/formulas-functionsall/formulas-functsMtoQ/FunctionMDURATION) \| [Financial Functions](/spreadnet/docs/latest/online-formula/formulas-overview/formulas-functs/formulas-functtypes/formulas-functsfinance)