Microsoft KB Archive/119316

= Microsoft Knowledge Base =

Excel: YIELD Function Incorrectly Returns #NUM! Error Value
Last reviewed: December 17, 1996

Article ID: Q119316

The information in this article applies to:


 * Microsoft Excel for Windows, versions 4.0, 4.0a, 5.0, 5.0c
 * Microsoft Excel for Windows 95, version 7.0
 * Microsoft Excel 97 for Windows
 * Microsoft Excel for the Macintosh, versions 4.0, 5.0, 5.0a

SYMPTOMS
In Microsoft Excel, when you use the YIELD function, the #NUM! error value is returned, even if all of the values that are used in the formula are correct.

CAUSE
The Newton method, or iterative resolution of equations, is used in the YIELD function calculation. It is possible that when you use this method a solution may not be found, even when a solution does exist.

This error occurs when the maturity date is just greater than one coupon period away from the settlement date.

For example, if the settlement date is 3/17/93, and the coupon period is one year (frequency=1), then the error value is returned if the maturity date is 3/18/94, or one day longer than a coupon period away from the settlement date.

STATUS
Microsoft has confirmed this to be a problem in the Microsoft products listed at the beginning of this article. We are researching this problem and will post new information here in the Microsoft Knowledge Base as it becomes available.

MORE INFORMATION
The YIELD function is available only when you load or open the Analysis ToolPak add-in file, ANALYS32.XLL (in Microsoft Excel version 7.0 and 97), ANALYSIS.XLL (in Microsoft Excel version 5.0) or ANALYSF.XLA (Microsoft Excel version 4.0).