Microsoft KB Archive/94359

= Microsoft Knowledge Base =

Excel: YIELDMAT or PRICEMAT Function Returns #NUM! Error Value
Last reviewed: September 13, 1996

Article ID: Q94359

The information in this article applies to:


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

SUMMARY
In Microsoft Excel, the YIELDMAT and PRICEMAT functions will return the #NUM! error value if the settlement date is less than or equal to the issue date.

MORE INFORMATION
PRICEMAT and YIELDMAT are new functions in Microsoft Excel 4.0. These functions involve securities that pay interest at maturity. The issue parameter represents the date that the security is issued, and the settlement parameter represents the date the security is cashed in.

For these functions to return a valid number, the settlement date must occur at least one day after the issue date (since the maturity cannot be settled before the issue date, the #NUM! error value makes sense in this case). However, in some cases, the settlement date may be the same as the issue date. In these cases, Microsoft Excel should return a valid number.

For example, the following equation

=YIELDMAT(33954,34135,33953,6.78%,100,2) where the serial number 33954 represents a settlement date of 12/16/92 and 33953 represents an issue date of 12/15/92, will return 6.78% (assuming that the format of the results cell is &quot;0.00%&quot;).

However, if the function is changed to read

=YIELDMAT(33953,34135,33953,6.78%,100,2) where both the settlement and issue dates are 12/15/92, the function will return the #NUM! error value.

This condition is also true for the PRICEMAT function.

Microsoft Excel for the Macintosh
In version 4.0 of Microsoft Excel for the Macintosh, the YIELDMAT and PRICEMAT functions will return the #NUM! error value if the 1904 Date System option is not selected. To select the 1904 Date System:


 * 1) From the Options menu, choose Calculation.
 * 2) In the Calculations dialog box, under Sheet Options, select the 1904 Date System option.