Microsoft KB Archive/262339

= XL2000: ODDFYIELD Returns #NUM with Online Help Example =

Article ID: 262339

Article Last Modified on 9/25/2003

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APPLIES TO


 * Microsoft Excel 2000 Standard Edition

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This article was previously published under Q262339



SYMPTOMS
When you view information about the ODDFYIELD worksheet function in Microsoft Excel Help, you see the following text:  The yield of a security that has an odd (short or long) first period is:

ODDFYIELD(&quot;1/25/1999&quot;,&quot;1/1/2004&quot;,&quot;1/18/1999&quot;,&quot;7/15/1999&quot;,0.0575,084.50,100,2,0) equals .097581 or 9.76 percent However, when you type this formula into Excel 2000, you receive the #NUM! error value.

NOTE: This same formula works as described in earlier versions of Excel.



CAUSE
ODDFYIELD cannot return a valid result when both the first and last coupon dates are odd.



RESOLUTION
Change the maturity argument in the ODDFYIELD worksheet function to &quot;1/15/2004&quot;. This date change ensures that the last coupon date is not odd. The following formula equals 0.097581282, or 9.76 percent: =ODDFYIELD(&quot;1/25/1999&quot;,&quot;1/15/2004&quot;,&quot;1/18/1999&quot;,&quot;7/15/1999&quot;,0.0575,084.50,100,2,0)



MORE INFORMATION
Earlier versions of Excel incorrectly calculated a value for the ODDFYEILD function even when the last coupon date and the first coupon date were both odd. This problem was corrected in Excel 2000, but the example in Microsoft Excel Help was not corrected.

This behavior also applies to the following worksheet functions:


 * ODDFPRICE
 * ODDLPRICE
 * ODDLYIELD

For more information about the resources used to derive financial, statistical, and engineering methods, click Microsoft Excel Help on the Help menu, type a bibliography of financial, statistical, and engineering methods in the Office Assistant or the Answer Wizard, and then click Search to view the topic.

For more information about ODDFYIELD, click Microsoft Excel Help on the Help menu, type ODDFYIELD Worksheet Function in the Office Assistant or the Answer Wizard, and then click Search to view the topic.

