# CONVXP Function

Returns the convexity for a periodic cash flow stream, such as a bond.

 Category: Financial

## Syntax

CONVXP(A,c,n,K,k0,y)

### Required Arguments

#### A

specifies the par value.

 Range $equation$

#### c

specifies the nominal per-period coupon rate, expressed as a fraction.

 Range 0 ≤ c < 1

#### n

specifies the number of coupons per period.

 Range n > 0 and is an integer

#### K

specifies the number of remaining coupons.

 Range K > 0 and is an integer

#### k0

specifies the time from the present date to the first coupon date, expressed in terms of the number of periods.

 Range $equation$

#### y

specifies the nominal per-period yield-to-maturity, expressed as a fraction.

 Range y > 0

## Details

The CONVXP function returns the value
$equation$
The following relationships apply to the preceding equation:
$equation$
$equation$
$equation$
The following relationship applies to the preceding equation:
$equation$

## Example

In the following example, the CONVXP function returns the convexity of a bond that has a face value of 1000, an annual coupon rate of 0.01, 4 coupons per year, and 14 remaining coupons. The time from settlement date to next coupon date is 0.165, and the annual yield-to-maturity is 0.08.
```data _null_;
y=convxp(1000,.01,4,14,.33/2,.08);
put y;
run;```
The value that is returned is 11.729001987.