YIELDMAT

Microsoft publishes =YIELDMAT(A2,A3,A4,A5,A6,A7) with the description "The yield, for the bond with the terms above (0.060954 or 6.10%)" and a Result cell formatted as "6.10%". Settlement 2008-03-15 (serial 39522), maturity 2008-11-03 (serial 39755), issue 2007-11-08 (serial 39394), 6.25% semiannual coupon, price 100.0123, 30/360 basis. DERIVATION -- THE PAGE PRINTS NO FORMULA (every image in the article body was enumerated and there are none): the closed form for a security paying interest at maturity is ((1 + DIM/B*rate) - (pr/100 + DIS/B*rate)) / (pr/100 + DIS/B*rate) * B/DSM, where DIM is issue-to-maturity, DIS is issue-to-settlement and DSM is settlement-to-maturity, all on the given basis. On basis 0 those are DIM = 355, DIS = 127 and DSM = 228 days with B = 360, giving 0.06095433369153852071011, i.e. 0.060954 at the published precision. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine; the bond arithmetic is evaluated over exact rational day-count ratios at 50 digits with mpmath. Microsoft's page was read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/yieldmat-function. FETCH NOTE FOR THIS BATCH: batch F recorded every /en-us/office/<name>-function-<guid> URL returning Microsoft's 'Sorry, the page you're looking for can't be found' body; today BOTH paths serve the article again -- the GUID form redirects to /en-us/excel/functions/<slug>-function -- and every page cited in this batch came back complete (217-223 KB) in one or two attempts, with no 87 KB stub responses. Nothing here is sourced from a search snippet or a mirror.

Asserted at ten places from the derivation: 0.0609543337. Six published decimals cannot separate the three separate day counts this function needs -- DIM, DIS and DSM are 355, 127 and 228 here, and getting any one of them wrong by a day or two still lands near 0.0610.

The Remarks publish: "If settlement >= maturity, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If rate < 0 or if pr <= 0, YIELDMAT returns the #NUM! error value."

The second half of the same Remark: pr <= 0 is a #NUM!.

The Remarks publish: "If basis < 0 or if basis > 4, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If settlement, maturity, or issue is not a valid date, YIELDMAT returns the #VALUE! error value." The issue date is asserted rather than the settlement date because issue is the argument this function has and its YIELD/YIELDDISC siblings do not.

Microsoft publishes =YIELDMAT(A2,A3,A4,A5,A6,A7) with the description "The yield, for the bond with the terms above (0.060954 or 6.10%)" and a Result cell formatted as "6.10%". Settlement 2008-03-15 (serial 39522), maturity 2008-11-03 (serial 39755), issue 2007-11-08 (serial 39394), 6.25% semiannual coupon, price 100.0123, 30/360 basis. DERIVATION -- THE PAGE PRINTS NO FORMULA (every image in the article body was enumerated and there are none): the closed form for a security paying interest at maturity is ((1 + DIM/B*rate) - (pr/100 + DIS/B*rate)) / (pr/100 + DIS/B*rate) * B/DSM, where DIM is issue-to-maturity, DIS is issue-to-settlement and DSM is settlement-to-maturity, all on the given basis. On basis 0 those are DIM = 355, DIS = 127 and DSM = 228 days with B = 360, giving 0.06095433369153852071011, i.e. 0.060954 at the published precision. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine; the bond arithmetic is evaluated over exact rational day-count ratios at 50 digits with mpmath. Microsoft's page was read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/yieldmat-function. FETCH NOTE FOR THIS BATCH: batch F recorded every /en-us/office/<name>-function-<guid> URL returning Microsoft's 'Sorry, the page you're looking for can't be found' body; today BOTH paths serve the article again -- the GUID form redirects to /en-us/excel/functions/<slug>-function -- and every page cited in this batch came back complete (217-223 KB) in one or two attempts, with no 87 KB stub responses. Nothing here is sourced from a search snippet or a mirror.

Asserted at ten places from the derivation: 0.0609543337. Six published decimals cannot separate the three separate day counts this function needs -- DIM, DIS and DSM are 355, 127 and 228 here, and getting any one of them wrong by a day or two still lands near 0.0610.

The Remarks publish: "If settlement >= maturity, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If rate < 0 or if pr <= 0, YIELDMAT returns the #NUM! error value."

The second half of the same Remark: pr <= 0 is a #NUM!.

The Remarks publish: "If basis < 0 or if basis > 4, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If settlement, maturity, or issue is not a valid date, YIELDMAT returns the #VALUE! error value." The issue date is asserted rather than the settlement date because issue is the argument this function has and its YIELD/YIELDDISC siblings do not.

Microsoft publishes =YIELDMAT(A2,A3,A4,A5,A6,A7) with the description "The yield, for the bond with the terms above (0.060954 or 6.10%)" and a Result cell formatted as "6.10%". Settlement 2008-03-15 (serial 39522), maturity 2008-11-03 (serial 39755), issue 2007-11-08 (serial 39394), 6.25% semiannual coupon, price 100.0123, 30/360 basis. DERIVATION -- THE PAGE PRINTS NO FORMULA (every image in the article body was enumerated and there are none): the closed form for a security paying interest at maturity is ((1 + DIM/B*rate) - (pr/100 + DIS/B*rate)) / (pr/100 + DIS/B*rate) * B/DSM, where DIM is issue-to-maturity, DIS is issue-to-settlement and DSM is settlement-to-maturity, all on the given basis. On basis 0 those are DIM = 355, DIS = 127 and DSM = 228 days with B = 360, giving 0.06095433369153852071011, i.e. 0.060954 at the published precision. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine; the bond arithmetic is evaluated over exact rational day-count ratios at 50 digits with mpmath. Microsoft's page was read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/yieldmat-function. FETCH NOTE FOR THIS BATCH: batch F recorded every /en-us/office/<name>-function-<guid> URL returning Microsoft's 'Sorry, the page you're looking for can't be found' body; today BOTH paths serve the article again -- the GUID form redirects to /en-us/excel/functions/<slug>-function -- and every page cited in this batch came back complete (217-223 KB) in one or two attempts, with no 87 KB stub responses. Nothing here is sourced from a search snippet or a mirror.

Asserted at ten places from the derivation: 0.0609543337. Six published decimals cannot separate the three separate day counts this function needs -- DIM, DIS and DSM are 355, 127 and 228 here, and getting any one of them wrong by a day or two still lands near 0.0610.

The Remarks publish: "If settlement >= maturity, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If rate < 0 or if pr <= 0, YIELDMAT returns the #NUM! error value."

The second half of the same Remark: pr <= 0 is a #NUM!.

The Remarks publish: "If basis < 0 or if basis > 4, YIELDMAT returns the #NUM! error value."

The Remarks publish: "If settlement, maturity, or issue is not a valid date, YIELDMAT returns the #VALUE! error value." The issue date is asserted rather than the settlement date because issue is the argument this function has and its YIELD/YIELDDISC siblings do not.