"W" wrote:
So you are telling me that YIELD requires you to
normalize all values to $100 par value?
[....]
Wow, could they make this thing any more obscure?

I agree. However, this is a bond industry convention. The HP-12C
calculator works the same way.


"W" wrote:
(Note: I ass-u-me that 4/9/2012 and 11/1/2017 are
in the form m/d/yyyy, not d/m/yyyy.)

I am using the US standard of MM/DD/YYYY.
Are you telling me if I have my Excel set for a date
input of MM/DD/YYYY and enter a date that YIELD will
convert my date into a European date format of DD/MM/YYYY?

No. I am telling you that if you want everyone in the world to understand
the dates that you write, it would behoove you to tell us what form they are
in. You might notice that one other respondent misunderstood your date
format and "corrected" your YIELD results.

As long as you are working in your own worksheet on your own computer, no
date conversion is needed.