The YIELD function results in an unexpectedly large value when the security's settlement date and maturity date are the 30th or the 31st of the same month in Excel 2003

You use the YIELD function in a formula in Microsoft Office Excel 2003. The YIELD function results in an unexpectedly large value if the following conditions are true:

• The security's settlement date is the 30th or the 31st of the month.
• The security's maturity date is the 30th or the 31st of the same month.

Note The YIELD function returns the yield on a security that pays periodic interest.

This problem may occur if the Basis parameter is set to 4 in the YIELD function.

This problem was first fixed in a hotfix that is now contained in a service pack. If you installed the latest Office 2003 service pack, you do not have to install the hotfix.

Service pack information

This problem is corrected in Office 2003 Service Pack 3. To resolve this problem, obtain the latest service pack for Office 2003. For more information, click the following article number to view the article in the Microsoft Knowledge Base:

Hotfix information

To resolve this problem, you must apply this hotfix. Additionally, you must apply the Excel 2003 post-Service Pack 2 hotfix package (Analys32.xll) that is dated November 7, 2005. For more information about the Excel 2003 post-Service Pack 2 hotfix package (Analys32.xll) that is dated November 7, 2005, click the following article number to view the article in the Microsoft Knowledge Base:

How to obtain the hotfix

This issue is fixed in the Excel 2003 post-Service Pack 2 Hotfix Package that is dated September 25, 2006. For more information, click the following article number to view the article in the Microsoft Knowledge Base:

Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.This problem was first corrected in Office 2003 Service Pack 3.

The Basis parameter is the type of day count basis to use with the YIELD function.

The following table lists the valid values for the Basis parameter. For more information about the YIELD function, click Microsoft Excel Help on the Help menu, type YIELD in the Search for box in the Assistance pane, and then click Start searching to view the topic.