The reason for your formula failing is that TODAY() returns a caount to the
number of days not the year number:

=IF(OR(MOD(YEAR(TODAY()),400)=0,AND(MOD(YEAR(TODAY ()),4)=0,MOD(YEAR(TODAY()),100)<0)),366,
365)

But won't something like:

=365+(MONTH(DATE(YEAR(TODAY()),2,28)+1)=2)

do just as well?

--
HTH

Sandy
In Perth, the ancient capital of Scotland
and the crowning place of kings


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"ARGT" wrote in message
...
I want to calculate a daily interest rate from an annual rate. I have input
the following formula into a cell labelled "Days in the Current Year" :
"=IF(OR(MOD(TODAY(),400)=0,AND(MOD(TODAY(),4)=0,MO D(TODAY(),100)<0)),366,
365)

This, I think, is supposed to return 366 if the IF condition is True,
otherwise it returns 365. This number is then used in other calculations.

However, the reverse seems to happen. For example, 2008 (as the current
year
and taken from the "Today" formula I had assumed) should have returned A
"True" for the IF statement and hence 366. But it returns 365.

Obviously doing something wrong! Is my assumption that the Today statement
weill return the current year correct? Is the IF statement correct?

Many thanks for any advice.