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ACCRINT formula yields incorrect result
I applied the ACCRINT formula to a security with
maturity: 09 Feb 2010 issue: 09 Feb 2005 (adjusted to exclude coupons already paid) first interest: 09 Feb 2005 settlement: 25 Mar 2005 coupon rate: 9.25% frequency: 1 basis: 1 (ACT/ACT) the formula should yield 9.25 x (25 Mar 2005 - 09 Feb 2005) / (09 Feb 2006 - 09 Feb 2005) = 9.25 x 44 / 365 = 1.1150685 but Excel calculates it as 1.112021858 upon exploration, I found out that it takes the day count of year as 366 mistakenly. Is there a solution for this bug? |
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