# Documentation/Calc Functions/YIELD

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## Function name:

YIELD

## Category:

Financial Analysis

## Summary:

Calculates the yield of a security.

## Syntax:

YIELD(**Settlement**; **Maturity**; **Rate**; **Price**; **Redemption**; **Frequency**; **Basis**)

## Returns:

## Arguments:

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

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

**Rate** is the annual rate of interest.

**Price** is the price (purchase price) of the security per 100 currency units of par value.

**Redemption** is the redemption value per 100 currency units of par value.

**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:

## Examples:

A security is purchased on 1999-02-15. It matures on 2007-11-15. The rate of interest is 5.75%. The price is 95.04287 currency units per 100 units of par value, the redemption value is 100 units. Interest is paid half-yearly (frequency = 2) and the basis is 0. How high is the yield?

=YIELD("1999-02-15"; "2007-11-15"; 0.0575 ;95.04287; 100; 2; 0) returns 0.065 or 6.50 per cent.