YEARFRAC

[Andy]

Regarding the YEARFRAC function, what is the difference
between day basis "1" (US 30/360) and day basis "4"
(European 30/360). I understand that certain financial
instruments are priced using the 30/360 convention, but
not certain what the difference is here. Perhaps somethig
to do with US v. European (financial) options?

 

[Norman Harker]

Hi Andy!

See Help for the DAYS360 function:

U.S. (NASD) method. If the starting date is the 31st of a month, it
becomes equal to the 30th of the same month. If the ending date is the
31st of a month and the starting date is earlier than the 30th of a
month, the ending date becomes equal to the 1st of the next month;
otherwise the ending date becomes equal to the 30th of the same month.

European method. Starting dates and ending dates that occur on the
31st of a month become equal to the 30th of the same month.

--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
(e-mail address removed)

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believed that the likelihood of a worm being released SOON that
exploits one of the vulnerabilities addressed by these patches is VERY
HIGH.
See:
http://www.microsoft.com/security/protect/

 

[Andy]

Thanks Norman, much appreciated.