# Documentation/Calc Functions/DURATION

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## Function name:

DURATION

## Category:

Financial Analysis

## Summary:

Calculates the duration of a fixed interest security in years.

## Syntax:

DURATION(**Settlement**; **Maturity**; **Coupon**; **Yield**; **Frequency**; **Basis**)

## Returns:

## Arguments:

**Settlement** is the date of purchase of the security.

**Maturity** is the date on which the security matures (expires).

**Coupon** is the annual coupon interest rate (nominal rate of interest)

**Yield** is the annual yield of the security.

**Frequency** is the number of interest payments per year (1, 2 or 4).

**Basis** (optional) is chosen from a list of options and indicates how the year is to be calculated.

Basis | Calculation |
---|---|

0 or missing | US method (NASD), 12 months of 30 days each |

1 | Exact number of days in months, exact number of days in year |

2 | Exact number of days in month, year has 360 days |

3 | Exact number of days in month, year has 365 days |

4 | European method, 12 months of 30 days each |

## Additional details:

The functions whose names end with _ADD or _EXCEL2003 return the same results as the corresponding Microsoft Excel 2003 functions without the suffix. Use the functions without suffix to get results based on international standards.

## Examples:

A security is purchased on 2001-01-01; the maturity date is 2006-01-01. The Coupon rate of interest is 8%. The yield is 9.0%. Interest is paid half-yearly (frequency is 2). Using daily balance interest calculation (basis 3) how long is the duration?

=DURATION("2001-01-01";"2006-01-01";0.08;0.09;2;3)