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=DURATION(SettlementDate, MaturityDate, Coupon, Yield, Frequency, Basis)=
<div style="font-size:30px">'''DURATION (Settlement,Maturity,Coupon,Yield,Frequency,Basis)'''</div><br/>
*Where <math>Settlement</math> is the security's settlement date (a date when coupon or a bond is purchased),
*Where <math>SettlementDate</math> is the security's settlement date (a date when coupon or a bond is purchased),
*<math>Maturity</math> is the security's maturity date (a date when coupon or a bond expires),
*<math>MaturityDate</math> is the security's maturity date (a date when coupon or a bond expires),
*<math>Coupon</math> is the security's annual coupon rate,
*<math>Coupon</math> is the security's annual coupon rate,
*<math>Yield</math> is the security's annual yield,
*<math>Yield</math> is the security's annual yield,
*<math>Basis</math> is the type of day count basis to use.
*<math>Basis</math> is the type of day count basis to use.
DURATION() gives the Macauley duration of a security for an assumed par value of $100.
DURATION(), returns the annual duration of a security with periodic interest payments.
== Description ==
== Description ==
DURATION(SettlementDate, MaturityDate, Coupon, Yield, Frequency, Basis)
DURATION(Settlement, Maturity, Coupon, Yield, Frequency, Basis)
DURATION() calculates the rate of change of price with respect to yields. It is the weighted average time until cash flows are received.
DURATION() calculates the rate of change of price with respect to yields. It is the weighted average time until cash flows are received.
*<math>SettlementDate</math> and <math>MaturityDate</math> dates should be entered either in 'date format' or 'dates returned using formulas'. If dates are not valid, Calci displays #N/A error message.
*<math>Settlement</math> and <math>Maturity</math> dates should be entered either in 'date format' or 'dates returned using formulas'. If dates are not valid, Calci displays #N/A error message.
*If <math>SettlementDate</math> date ≥ <math>MaturityDate</math> date, Calci displays #N/A error message.
*If <math>Settlement</math> date ≥ <math>Maturity</math> date, Calci displays #N/A error message.
*<math>Coupon</math> and <math>Yield</math> values must be greater than or equal to zero.
*<math>Coupon</math> and <math>Yield</math> values must be greater than or equal to zero.
*The values for <math>Frequency</math> should be 1,2 or 4.
*The values for <math>Frequency</math> should be 1,2 or 4.