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| Functions and CALL Routines |
FINANCE Function
Computes financial calculations such as depreciation, maturation, accrued interest, net present value, periodic savings, and internal rates of return.
| Category: | Financial |
Syntax |
| FINANCE(string-identifier, parm1, parm2,...) |
Arguments
- string-identifier
-
specifies a character constant, variable, or expression. Valid values for string-identifier are listed in the following table.
string-identifier Description ACCRINT computes the accrued interest for a security that pays periodic interest. ACCRINTM computes the accrued interest for a security that pays interest at maturity. AMORDEGRC computes the depreciation for each accounting period by using a depreciation coefficient. AMORLINC computes the depreciation for each accounting period. COUPDAYBS computes the number of days from the beginning of the coupon period to the settlement date. COUPDAYS computes the number of days in the coupon period that contains the settlement date. COUPDAYSNC computes the number of days from the settlement date to the next coupon date. COUPNCD computes the next coupon date after the settlement date. COUPNUM computes the number of coupons that are payable between the settlement date and the maturity date. COUPPCD computes the previous coupon date before the settlement date. CUMIPMT computes the cumulative interest that is paid between two periods. CUMPRINC computes the cumulative principal that is paid on a loan between two periods. DB computes the depreciation of an asset for a specified period by using the fixed-declining balance method. DDB computes the depreciation of an asset for a specified period by using the double-declining balance method or some other method that you specify. DISC computes the discount rate for a security. DOLLARDE converts a dollar price, expressed as a fraction, to a dollar price, expressed as a decimal number. DOLLARFR converts a dollar price, expressed as a decimal number, to a dollar price, expressed as a fraction. DURATION computes the annual duration of a security with periodic interest payments. EFFECT computes the effective annual interest rate. FV computes the future value of an investment. FVSCHEDULE computes the future value of an initial principal after applying a series of compound interest rates. INTRATE computes the interest rate for a fully invested security. IPMT computes the interest payment for an investment for a given period. IRR computes the internal rate of return for a series of cash flows. MDURATION computes the Macaulay modified duration for a security with an assumed face value of $100. MIRR computes the internal rate of return where positive and negative cash flows are financed at different rates. NOMINAL computes the annual nominal interest rate. NPER computes the number of periods for an investment. NPV computes the net present value of an investment based on a series of periodic cash flows and a discount rate. ODDFPRICE computes the price per $100 face value of a security with an odd first period. ODDFYIELD computes the yield of a security with an odd first period. ODDLPRICE computes the price per $100 face value of a security with an odd last period. ODDLYIELD computes the yield of a security with an odd last period. PMT computes the periodic payment for an annuity. PPMT computes the payment on the principal for an investment for a given period. PRICE computes the price per $100 face value of a security that pays periodic interest. PRICEDISC computes the price per $100 face value of a discounted security. PRICEMAT computes the price per $100 face value of a security that pays interest at maturity. PV computes the present value of an investment. RATE computes the interest rate per period of an annuity. RECEIVED computes the amount received at maturity for a fully invested security. SLN computes the straight-line depreciation of an asset for one period. SYD computes the sum-of-years digits depreciation of an asset for a specified period. TBILLEQ computes the bond-equivalent yield for a treasury bill. TBILLPRICE computes the price per $100 face value for a treasury bill. TBILLYIELD computes the yield for a treasury bill. VDB computes the depreciation of an asset for a specified or partial period by using a declining balance method. XIRR computes the internal rate of return for a schedule of cash flows that is not necessarily periodic. XNPV computes the net present value for a schedule of cash flows that is not necessarily periodic. YIELD computes the yield on a security that pays periodic interest. YIELDDISC computes the annual yield for a discounted security (for example, a treasury bill). YIELDMAT computes the annual yield of a security that pays interest at maturity. - parm
-
specifies a parameter that is associated with each string-identifier. The following parameters are available:
- basis
-
is an optional parameter that specifies a character or numeric value that indicates the type of day count basis to use.
Numeric Value String Value Day Count Method 0 "30/360" US (NASD) 30/360 1 "ACTUAL" Actual/actual 2 "ACT/360" Actual/360 3 "ACT/365" Actual/365 4 "EU30/360" European 30/360 - interest-rates
-
specifies rates that are provided as numeric values and not as percentages.
- dates
-
specifies that all dates in the financial functions are SAS dates.
- sign-of-cash-values
-
for all the arguments, specifies that the cash you pay out, such as deposits to savings or other withdrawals, is represented by negative numbers. It also specifies that the cash you receive, such as dividend checks and other deposits, is represented by positive numbers.
| Details |
ACCRINT
Computes the accrued interest for a security that pays periodic interest.
Syntax |
| FINANCE('ACCRINT', issue, first-interest, settlement, rate, par, frequency, <basis>); |
where
- issue
-
specifies the issue date of the security.
- first-interest
-
specifies the first interest date of the security.
- settlement
-
specifies the settlement date.
- rate
-
specifies the interest rate.
- par
-
specifies the par value of the security. If you omit par, SAS uses the value $1000.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
ACCRINTM
Computes the accrued interest for a security that pays interest at maturity.
Syntax |
| FINANCE('ACCRINTM', issue, settlement, rate, par, <basis>); |
where
- issue
-
specifies the issue date of the security.
- settlement
-
specifies the settlement date.
- rate
-
specifies the interest rate.
- par
-
specifies the par value of the security. If you omit par, SAS uses the value $1000.
- basis
-
specifies the optional day count value.
| Featured in: |
AMORDEGRC
Computes the depreciation for each accounting period by using a depreciation coefficient.
Syntax |
| FINANCE('AMORDEGRC', cost, date-purchased, first-period, salvage, period, rate, <basis>); |
where
- cost
-
specifies the initial cost of the asset.
- date-purchased
-
specifies the date of the purchase of the asset.
- first-period
-
specifies the date of the end of the first period.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- period
-
specifies the depreciation period.
- rate
-
specifies the rate of depreciation.
- basis
-
specifies the optional day count value.
Tip: When the first argument of the FINANCE function is AMORDEGRC and the value of basis is 2, the function returns a missing value.
| Featured in: |
AMORLINC
Computes the depreciation for each accounting period.
Syntax |
| FINANCE('AMORLINC', cost, date-purchased, first-period, salvage, period, rate, <basis>); |
where
- cost
-
specifies the initial cost of the asset.
- date-purchased
-
specifies the date of the purchase of the asset.
- first-period
-
specifies the date of the end of the first period.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- period
-
specifies the depreciation period.
- rate
-
specifies the rate of depreciation.
- basis
-
specifies the optional day count value.
Tip: When the first argument of the FINANCE function is AMORLINC and the value of basis is 2, the function returns a missing value.
| Featured in: |
COUPDAYBS
Computes the number of days from the beginning of the coupon period to the settlement date.
Syntax |
| FINANCE('COUPDAYBS', date-purchased, first-period, period, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
COUPDAYS
Computes the number of days in the coupon period that contains the settlement date.
| FINANCE('COUPDAYS', settlement, maturity, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
COUPDAYSNC
Computes the number of days from the settlement date to the next coupon date.
| FINANCE('COUPDAYSNC', settlement, maturity, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
COUPNCD
Computes the next coupon date after the settlement date.
Syntax |
| FINANCE('COUPNCD', settlement, maturity, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
COUPNUM
Computes the number of coupons that are payable between the settlement date and the maturity date.
Syntax |
| FINANCE('COUPNUM', settlement, maturity, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
COUPPCD
Computes the previous coupon date before the settlement date.
Syntax |
| FINANCE('COUPPCD', settlement, maturity, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
CUMIPMT
Computes the cumulative interest paid between two periods.
Syntax |
| FINANCE('CUMIPMT', rate, nper, pv, start-period, end-period, <type>); |
where
- rate
-
specifies the interest rate.
- nper
-
specifies the total number of payment periods.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently.
- start-period
-
specifies the first period in the calculation. Payment periods are numbered beginning with 1.
- end-period
-
specifies the last period in the calculation.
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
| Featured in: |
CUMPRINC
Computes the cumulative principal that is paid on a loan between two periods.
Syntax |
| FINANCE('CUMPRINC', rate, nper, pv, start-period, end-period, <type>); |
where
- rate
-
specifies the interest rate.
- nper
-
specifies the total number of payment periods.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently.
- start-period
-
specifies the first period in the calculation. Payment periods are numbered beginning with 1.
- end-period
-
specifies the last period in the calculation.
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
| Featured in: |
DB
Computes the depreciation of an asset for a specified period by using the fixed-declining balance method.
Syntax |
| FINANCE('DB', cost, salvage, life, period, <month>); |
where
- cost
-
specifies the initial cost of the asset.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- life
-
specifies the number of periods over which the asset is depreciated (also called the useful life of the asset).
- period
-
specifies the period for which you want to calculate the depreciation. Period must use the same time units as life.
- month
-
specifies the number of months (month is an optional numeric argument). If month is omitted, it defaults to a value of 12.
| Featured in: |
DDB
Computes the depreciation of an asset for a specified period by using the double-declining balance method or some other method that you specify.
Syntax |
| FINANCE('DDB', cost, salvage, life, period, <factor>); |
where
- cost
-
specifies the initial cost of the asset.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- life
-
specifies the number of periods over which the asset is depreciated (also called the useful life of the asset).
- period
-
specifies the period for which you want to calculate the depreciation. Period must use the same time units as life.
- factor
-
specifies the rate at which the balance declines. If factor is omitted, it is assumed to be 2 (the double-declining balance method).
| Featured in: |
DISC
Computes the discount rate for a security.
Syntax |
| FINANCE('DISC', settlement, maturity, pr, redemption, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- pr
-
specifies the price of security per $100 face value.
- redemption
-
specifies the amount to be received at maturity.
- basis
-
specifies the optional day count value.
| Featured in: |
DOLLARDE
Converts a dollar price, expressed as a fraction, to a dollar price, expressed as a decimal number.
Syntax |
| FINANCE('DOLLARDE', fractionaldollar, fraction); |
where
- fractionaldollar
-
specifies the number expressed as a fraction.
- fraction
-
specifies the integer to use in the denominator of a fraction.
| Featured in: |
DOLLARFR
Converts a dollar price, expressed as a decimal number, to a dollar price, expressed as a fraction.
Syntax |
| FINANCE('DOLLARFR', decimaldollar, fraction); |
where
- decimaldollar
-
specifies a decimal number.
- fraction
-
specifies the integer to use in the denominator of a fraction.
| Featured in: |
DURATION
Computes the annual duration of a security with periodic interest payments.
Syntax |
| FINANCE('DURATION', settlement, maturity, coupon, yld, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- coupon
-
specifies the annual coupon rate of the security.
- yld
-
specifies the annual yield of the security.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
EFFECT
Computes the effective annual interest rate.
Syntax |
| FINANCE('EFFECT', nominalrate, npery); |
where
- nominalrate
-
specifies the nominal interest rate.
- npery
-
specifies the number of compounding periods per year.
| Featured in: |
FV
Computes the future value of an investment.
Syntax |
| FINANCE('FV', rate, nper, <pmt>, <pv>, <type>); |
where
- rate
-
specifies the interest rate.
- nper
-
specifies the total number of payment periods.
- pmt
-
specifies the payment that is made each period; the payment cannot change over the life of the annuity. Typically, pmt contains principal and interest but no fees and taxes. If pmt is omitted, you must include the pv argument.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the pmt argument.
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
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FVSCHEDULE
Computes the future value of the initial principal after applying a series of compound interest rates.
Syntax |
| FINANCE('FVSCHEDULE', principal, schedule1, schedule2...); |
where
- principal
-
specifies the present value.
- schedule
-
specifies the sequence of interest rates to apply.
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INTRATE
Computes the interest rate for a fully invested security.
Syntax |
| FINANCE('INTRATE', settlement, maturity, investment, redemption, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- investment
-
specifies the amount that is invested in the security.
- redemption
-
specifies the amount to be received at maturity.
- basis
-
specifies the optional day count value.
| Featured in: |
IPMT
Computes the interest payment for an investment for a specified period.
Syntax |
| FINANCE('IPMT', rate, period, nper, pv, <fv>, <type>); |
where
- rate
-
specifies the interest rate.
- period
-
specifies the period for which you want to calculate the depreciation. Period must use the same units as life.
- nper
-
specifies the total number of payment periods.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the fv argument.
- fv
-
specifies the future value or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
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IRR
Computes the internal rate of return for a series of cash flows.
Syntax |
| FINANCE('IRR', value1, value2, ..., value_n); |
where
- value
-
specifies a list of numeric arguments that contain numbers for which you want to calculate the internal rate of return.
| Featured in: |
MDURATION
Computes the Macaulay modified duration for a security with an assumed face value of $100.
Syntax |
| FINANCE('MDURATION', settlement, maturity, coupon, yld, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- coupon
-
specifies the annual coupon rate of the security.
- yld
-
specifies the annual yield of the security.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
MIRR
Computes the internal rate of return where positive and negative cash flows are financed at different rates.
Syntax |
| FINANCE('MIRR', value1, ..., value_n, financerate, reinvestrate); |
where
- values
-
specifies a list of numeric arguments that contain numbers. These numbers represent a series of payments (negative values) and income (positive values) that occur at regular periods. Values must contain at least one positive value and one negative value to calculate the modified internal rate of return.
- financerate
-
specifies the interest rate that you pay on the money that is used in the cash flows.
- reinvestrate
-
specifies the interest rate that you receive on the cash flows as you reinvest them.
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NOMINAL
Computes the annual nominal interest rates.
Syntax |
| FINANCE('NOMINAL', effectrate, npery); |
where
- effectrate
-
specifies the effective interest rate.
- npery
-
specifies the number of compounding periods per year.
| Featured in: |
NPER
Computes the number of periods for an investment.
Syntax |
| FINANCE('NPER', rate, pmt, pv, <fv>, <type>); |
where
- rate
-
specifies the interest rate.
- pmt
-
specifies the payment that is made each period; the payment cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes. If pmt is omitted, you must include the pv argument.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the pmt argument.
- fv
-
specifies the future value or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
| Featured in: |
NPV
Computes the net present value of an investment based on a series of periodic cash flows and a discount rate.
Syntax |
| FINANCE('NPV', rate, value-1 <,...value-n> ); |
where
- rate
-
specifies the interest rate.
- value
-
represents the sequence of the cash flows.
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ODDFPRICE
Computes the price of a security per $100 face value with an odd first period.
Syntax |
| FINANCE('ODDFPRICE', settlement, maturity, issue, first-coupon, rate, yld, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- issue
-
specifies the issue date of the security.
- first-coupon
-
specifies the first coupon date of the security.
- rate
-
specifies the interest rate.
- yld
-
specifies the annual yield of the security.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
ODDFYIELD
Computes the yield of a security with an odd first period.
Syntax |
| FINANCE('ODDFYIELD', settlement, maturity, issue, first-coupon, rate, pr, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- issue
-
specifies the issue date of the security.
- first-coupon
-
specifies the first coupon date of the security.
- rate
-
specifies the interest rate.
- pr
-
specifies the price of the security per $100 face value.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
ODDLPRICE
Computes the price of a security per $100 face value with an odd last period.
Syntax |
| FINANCE('ODDLPRICE', settlement, maturity, last_interest, rate, yld, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- last_interest
-
specifies the last coupon date of the security.
- rate
-
specifies the interest rate.
- yld
-
specifies the annual yield of the security.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
ODDLYIELD
Computes the yield of a security with an odd last period.
Syntax |
| FINANCE('ODDLYIELD', settlement, maturity, last_interest, rate, pr, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- last_interest
-
specifies the last coupon date of the security.
- rate
-
specifies the interest rate.
- pr
-
specifies the price of the security per $100 face value.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
PMT
Computes the periodic payment of an annuity.
Syntax |
| FINANCE('PMT', rate, nper, pv, <fv>, <type>); |
where
- rate
-
specifies the interest rate.
- nper
-
specifies the number of payment periods.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the fv argument.
- fv
-
specifies the future value or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
| Featured in: |
PPMT
Computes the payment on the principal for an investment for a specified period.
Syntax |
| FINANCE('PPMT', rate, per, nper, pv, <fv>, <type>); |
where
- rate
-
specifies the interest rate.
- per
-
specifies the period.
Range: 1-nper - nper
-
specifies the number of payment periods.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the fv argument.
- fv
-
specifies the future value or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
| Featured in: |
PRICE
Computes the price of a security per $100 face value that pays periodic interest.
Syntax |
| FINANCE('PRICE', settlement, maturity, rate, yld, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- rate
-
specifies the interest rate.
- yld
-
specifies the annual yield of the security.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
| Featured in: |
PRICEDISC
Computes the price of a discounted security per $100 face value.
Syntax |
| FINANCE('PRICEDISC', settlement, maturity, discount, redemption, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- discount
-
specifies the discount rate of the security.
- redemption
-
specifies the amount to be received at maturity.
- basis
-
specifies the optional day count value.
| Featured in: |
PRICEMAT
Computes the price of a security per $100 face value that pays interest at maturity.
Syntax |
| FINANCE('PRICEMAT', settlement, maturity, issue, rate, yld, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- issue
-
specifies the issue date of the security.
- rate
-
specifies the interest rate.
- yld
-
specifies the annual yield of the security.
- basis
-
specifies the optional day count value.
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PV
Computes the present value of an investment.
Syntax |
| FINANCE('PV', rate, nper, pmt, <fv>, <type>); |
where
- rate
-
specifies the interest rate.
- nper
-
specifies the total number of payment periods.
- pmt
-
specifies the payment that is made each period; the payment cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes.
- fv
-
specifies the future value or a cash balance that you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
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RATE
Computes the interest rate per period of an annuity.
Syntax |
| FINANCE('RATE', nper, pmt, pv, <fv>, <type>); |
where
- nper
-
specifies the total number of payment periods.
- pmt
-
specifies the payment that is made each period; the payment cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes. If pmt is omitted, you must include the pv argument.
- pv
-
specifies the present value or the lump-sum amount that a series of future payments is worth currently. If pv is omitted, it is assumed to be 0 (zero), and you must include the fv argument.
- fv
-
specifies the future value or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (for example, the future value of a loan is 0).
- type
-
specifies the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0.
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RECEIVED
Computes the amount that is received at maturity for a fully invested security.
Syntax |
| FINANCE('RECEIVED', settlement, maturity, investment, discount, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- investment
-
specifies the amount that is invested in the security.
- discount
-
specifies the discount rate of the security.
- basis
-
specifies the optional day count value.
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SLN
Computes the straight-line depreciation of an asset for one period.
Syntax |
| FINANCE('SLN', cost, salvage, life); |
where
- cost
-
specifies the initial cost of the asset.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of an asset).
- life
-
specifies the number of periods over which the asset is depreciated (also called the useful life of the asset).
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SYD
Computes the sum-of-years digits depreciation of an asset for a specified period.
Syntax |
| FINANCE('SYD', cost, salvage, life, period); |
where
- cost
-
specifies the initial cost of the asset.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- life
-
specifies the number of periods over which the asset is depreciated (also called the useful life of the asset).
- period
-
specifies a period in the same time units that are used for the argument life.
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TBILLEQ
Computes the bond-equivalent yield for a treasury bill.
Syntax |
| FINANCE('TBILLEQ', settlement, maturity, discount); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- discount
-
specifies the discount rate of the security.
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TBILLPRICE
Computes the price of a treasury bill per $100 face value.
Syntax |
| FINANCE('TBILLPRICE', settlement, maturity, discount); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- discount
-
specifies the discount rate of the security.
See
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TBILLYIELD
Computes the yield for a treasury bill.
Syntax |
| FINANCE('TBILLYIELD', settlement, maturity, pr); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- pr
-
specifies the price of the security per $100 face value.
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VDB
Computes the depreciation of an asset for a specified or partial period by using a declining balance method.
Syntax |
| FINANCE('VDB', cost, salvage, life, start-period, end-period, <factor>, <noswitch>); |
where
- cost
-
specifies the initial cost of the asset.
- salvage
-
specifies the value at the end of the depreciation (also called the salvage value of the asset).
- life
-
specifies the number of periods over which the asset is depreciated (also called the useful life of the asset).
- start-period
-
specifies the first period in the calculation. Payment periods are numbered beginning with 1.
- end-period
-
specifies the last period in the calculation.
- factor
-
specifies the rate at which the balance declines. If factor is omitted, it is assumed to be 2 (the double-declining balance method).
- noswitch
-
specifies a logical value that determines whether to switch to straight-line depreciation when the depreciation is greater than the declining balance calculation. If noswitch is omitted, it is assumed to be 1.
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XIRR
Computes the internal rate of return for a schedule of cash flows that is not necessarily periodic.
Syntax |
| FINANCE('XIRR', values, dates, <guess>); |
where
- values
-
specifies a series of cash flows that corresponds to a schedule of payments in dates. The first payment is optional and corresponds to a cost or payment that occurs at the beginning of the investment. If the first value is a cost or payment, it must be a negative value. All succeeding payments are discounted based on a 365-day year. The series of values must contain at least one positive value and one negative value.
- dates
-
specifies a schedule of payment dates that corresponds to the cash flow payments. The first payment date indicates the beginning of the schedule of payments. All other dates must be later than this date, but they can occur in any order.
- guess
-
specifies an optional number that you guess is close to the result of XIRR.
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XNPV
Computes the net present value for a schedule of cash flows that is not necessarily periodic.
Syntax |
| FINANCE('XNPV', rate, values, dates); |
where
- rate
-
specifies the interest rate.
- values
-
specifies a series of cash flows that corresponds to a schedule of payments in dates. The first payment is optional and corresponds to a cost or payment that occurs at the beginning of the investment. If the first value is a cost or payment, it must be a negative value. All succeeding payments are discounted based on a 365-day year. The series of values must contain at least one positive value and one negative value.
- dates
-
specifies a schedule of payment dates that corresponds to the cash flow payments. The first payment date indicates the beginning of the schedule of payments. All other dates must be later than this date, but they can occur in any order.
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YIELD
Computes the yield on a security that pays periodic interest.
Syntax |
| FINANCE('YIELD', settlement, maturity, rate, pr, redemption, frequency, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- rate
-
specifies the interest rate.
- pr
-
specifies the price of the security per $100 face value.
- redemption
-
specifies the amount to be received at maturity.
- frequency
-
specifies the number of coupon payments per year. For annual payments, frequency = 1; for semiannual payments, frequency = 2; for quarterly payments, frequency = 4.
- basis
-
specifies the optional day count value.
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YIELDDISC
Computes the annual yield for a discounted security (for example, a treasury bill).
Syntax |
| FINANCE('YIELDDISC', settlement, maturity, rate, pr, redemption, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- rate
-
specifies the interest rate.
- pr
-
specifies the price of the security per $100 face value.
- redemption
-
specifies the amount to be received at maturity.
- basis
-
specifies the optional day count value.
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YIELDMAT
Computes the annual yield of a security that pays interest at maturity.
Syntax |
| FINANCE('YIELDMAT', settlement, maturity, issue, rate, pr, <basis>); |
where
- settlement
-
specifies the settlement date.
- maturity
-
specifies the maturity date.
- issue
-
specifies the issue date of the security.
- rate
-
specifies the interest rate.
- pr
-
specifies the price of the security per $100 face value.
- basis
-
specifies the optional day count value.
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| Examples |
Example 1: Computing Accrued Interest: ACCRINT
The following example computes the accrued interest for a security that pays periodic interest.
data _null_; issue = mdy(2,27,1996); firstinterest = mdy(8,31,1998); settlement = mdy(5,1,1998); rate = 0.1; par = 1000; frequency = 2; basis = 1; r = finance('accrint', issue, firstinterest, settlement, rate, par, frequency, basis); put r=; run;
The value of r that is returned is 217.39728.
Example 2: Computing Accrued Interest: ACCRINTM
The following example computes the accrued interest for a security that pays interest at maturity.
data _null_; issue = mdy(2,28,1998); maturity = mdy(8,31,1998); rate = 0.1; par = 1000; basis = 0; r = finance('accrintm', issue, maturity, rate, par, basis); put r=; run;
The value of r that is returned is 50.555555556.
Example 3: Computing Depreciation: AMORDEGRC
The following example computes the depreciation for each accounting period by using a depreciation coefficient.
data _null_; cost = 2400; datepurchased = mdy(8,19,2008); firstperiod = mdy(12,31,2008); salvage = 300; period = 1; rate = 0.15; basis = 1; r = finance('amordegrc', cost, datepurchased, firstperiod, salvage, period, rate, basis); put r=; run;
The value of r that is returned is 776.
Example 4: Computing Description: AMORLINC
The following example computes the depreciation for each accounting period.
data _null_; cost = 2400; dp = mdy(9,30,1998); fp = mdy(12,31,1998); salvage = 245; period = 0; rate = 0.115; basis = 0; r = finance('amorlinc', cost, dp, fp, salvage, period, rate, basis); put r = ; run;
The value of r that is returned is 69.
Example 5: Computing Description: COUPDAYBS
The following example computes the number of days from the beginning of the coupon period to the settlement date.
data _null_; settlement = mdy(12,30,1994); maturity = mdy(11,29,1997); frequency = 4; basis = 2; r = finance('coupdaybs', settlement, maturity, frequency, basis); put r = ; run;
The value of r that is returned is 31.
Example 6: Computing Description: COUPDAYS
The following example computes the number of days in the coupon period that contains the settlement date.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(11,15,2008); frequency = 2; basis = 1; r = finance('coupdays', settlement, maturity, frequency, basis); put r = ; run;
The value of r that is returned is 181.
Example 7: Computing Description: COUPDAYSNC
The following example computes the number of days from the settlement date to the next coupon date.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(11,15,2008); frequency = 2; basis = 1; r = finance('coupdaysnc', settlement, maturity, frequency, basis); put r = ; run;
The value of r that is returned is 110.
Example 8: Computing Description: COUPNCD
The following example computes the next coupon date after the settlement date.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(11,15,2008); frequency = 2; basis = 1; r = finance('coupncd', settlement, maturity, frequency, basis); put r = date7.; run;
The value of r that is returned is 15MAY07.
Note: r is a numeric SAS value and can be printed
using the DATE7 format. ![[cautionend]](../../../../common/63294/HTML/default/images/cautend.gif)
Example 9: Computing Description: COUPNUM
The following example computes the number of coupons that are payable between the settlement date and the maturity date.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(11,15,2008); frequency = 2; basis = 1; r = finance('coupnum', settlement, maturity, frequency, basis); put r = ; run;
The value of r that is returned is 4.
Example 10: Computing Description: COUPPCD
The following example computes the previous coupon date before the settlement date.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(11,15,2008); frequency = 2; basis = 1; r = finance('couppcd', settlement, maturity, frequency, basis); put settlement; put maturity; put r date7.; run;
The value of r that is returned is 11/15/2006.
Example 11: Computing Description: CUMIPMT
The following example computes the cumulative interest that is paid between two periods.
data _null_; rate = 0.09; nper = 30; pv = 125000; startperiod = 13; endperiod = 24; type = 0; r = finance('cumipmt', rate, nper, pv, startperiod, endperiod, type); put r = ; run;
The value of r that is returned is -94054.82033.
Example 12: Computing Description: CUMPRINC
The following example computes the cumulative principal that is paid on a loan between two periods.
data _null_; rate = 0.09; nper = 30; pv = 125000; startperiod = 13; endperiod = 24; type = 0; r = finance('cumprinc', rate, nper, pv, startperiod, endperiod, type); put r = ; run;
The value of r that is returned is -51949.70676.
Example 13: Computing Description: DB
The following example computes the depreciation of an asset for a specified period by using the fixed-declining balance method.
data _null_; cost = 1000000; salvage = 100000; life = 6; period = 2; month = 7; r = finance('db', cost, salvage, life, period, month); put r = ; run;
The value of r that is returned is 259639.41667.
Example 14: Computing Description: DDB
The following example computes the depreciation of an asset for a specified period by using the double-declining balance method or some other method that you specify.
data _null_; cost = 2400; salvage = 300; life = 10*365; period = 1; factor = .; r = finance('ddb', cost, salvage, life, period, factor); put r = ; run;
The value of r that is returned is 1.3150684932.
Example 15: Computing Description: DISC
The following example computes the discount rate for a security.
data _null_; settlement = mdy(1,25,2007); maturity = mdy(6,15,2007); pr = 97.975; redemption = 100; basis = 1; r = finance('disc', settlement, maturity, pr, redemption, basis); put r = ; run;
The value of r that is returned is 0.052420213.
Example 16: Computing Description: DOLLARDE
The following example converts a dollar price, expressed as a fraction, to a dollar price, expressed as a decimal number.
data _null_; fractionaldollar = 1.125; fraction = 16; r = finance('dollarde', fractionaldollar, fraction); put r = ; run;
The value of r that is returned is 1.78125.
Example 17: Computing Description: DOLLARFR
The following example converts a dollar price, expressed as a decimal number, to a dollar price, expressed as a fraction.
data _null_; decimaldollar = 1.125; fraction = 16; r = finance('dollarfr', decimaldollar, fraction); put r = ; run;
The value of r
that is returned is 1.02. In fraction form, the value of r
is read as
![[equation]](images/leqn65.gif)
.
Example 18: Computing Description: DURATION
The following example computes the annual duration of a security with periodic interest payments.
data _null_; settlement = mdy(1,1,2008); maturity = mdy(1,1,2016); couponrate = 0.08; yield = 0.09; frequency = 2; basis = 1; r = finance('duration', settlement, maturity, couponrate, yield, frequency, basis); put r = ; run;
The value of r that is returned is 5.993775.
Example 19: Computing Description: EFFECT
The following example computes the effective annual interest rate.
data _null_; nominalrate = 0.0525; npery = 4; r = finance('effect', nominalrate, npery); put r = ; run;
The value of r that is returned is 0.053543.
Example 20: Computing Description: FV
The following example computes the future value of an investment.
data _null_; rate = 0.06/12; nper = 10; pmt = -200; pv = -500; type = 1; r = finance('fv', rate, nper, pmt, pv, type); put r = ; run;
The value of r that is returned is 2581.4033741.
Example 21: Computing Description: FVSCHEDULE
The following example computes the future value of the initial principal after applying a series of compound interest rates.
data _null_; principal = 1; r1 = 0.09; r2 = 0.11; r3 = 0.1; r = finance('fvschedule', principal, r1, r2, r3); put r = ; run;
The value of r that is returned is 1.33089.
Example 22: Computing Description: INTRATE
The following example computes the interest rate for a fully invested security.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(5,15,2008); investment = 1000000; redemption = 1014420; basis = 2; r = finance('intrate', settlement, maturity, investment, redemption, basis); put r = ; run;
The value of r that is returned is 0.05768
Example 23: Computing Description: IPMT
The following example computes the interest payment for an investment for a specified period.
data _null_; rate = 0.1/12; per = 2; nper = 3; pv = 100; fv = .; type = .; r = finance('ipmt', rate, per, nper, pv, fv, type); put r = ; run;
The value of r that is returned is -0.557857564.
Example 24: Computing Description: IRR
The following example computes the internal rate of return for a series of cash flows.
data _null_; v1 = -70000; v2 = 12000; v3 = 15000; v4 = 18000; v5 = 21000; v6 = 26000; r = finance('irr', v1, v2, v3, v4, v5, v6); put r = ; run;
The value of r that is returned is 0.086630948.
Example 25: Computing Description: MDURATION
The following example computes the Macaulay modified duration for a security with an assumed face value of $100.
data _null_; settlement = mdy(1,1,2008); maturity = mdy(1,1,2016); couponrate = 0.08; yield = 0.09; frequency = 2; basis = 1; r = finance('mduration', settlement, maturity, couponrate, yield, frequency, basis); put r = ; run;
The value of r that is returned is 5.7356698139.
Example 26: Computing Description: MIRR
The following example computes the internal rate of return where positive and negative cash flows are financed at different rates.
data _null_; v1 = -1000; v2 = 3000; v3 = 4000; v4 = 5000; financerate = 0.08; reinvestrate = 0.10; r = finance('mirr', v1, v2, v3, v4, financerate, reinvestrate); put r = ; run;
The value of r that is returned is 1.3531420172.
Example 27: Computing Description: NOMINAL
The following example computes the annual nominal interest rate.
data _null_; effectrate = 0.08; npery = 4; r = finance('nominal', effectrate, npery); put r = ; run;
The value of r that is returned is 0.0777061876.
Example 28: Computing Description: NPER
The following example computes the number of periods for an investment.
data _null_; rate = 0.08; pmt = 200; pv = 1000; fv = 0; type = 0; r = finance('nper', rate, pmt, pv, fv, type); put r = ; run;
The value of r that is returned is -4.371981351.
Example 29: Computing Description: NPV
The following example computes the net present value of an investment based on a series of periodic cash flows and a discount rate.
data _null_; rate = 0.08; v1 = 200; v2 = 1000; v3 = 0.; r = finance('npv', rate, v1, v2, v3); put r = ; run;
The value of r that is returned is 1042.5240055.
Example 30: Computing Description: ODDFPRICE
The following example computes the price of a security per $100 face value with an odd first period.
data _null_; settlement = mdy(1,15,93); maturity = mdy(1,1,98); issue = mdy(1,1,93); firstcoupon = mdy(7,1,94); rate = 0.07; yld = 0.06; redemption = 100; frequency = 2; basis = 0; r = finance('oddfprice', settlement, maturity, issue, firstcoupon, rate, yld, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 103.94103984.
Example 31: Computing Description: ODDFYIELD
The following example computes the interest of a yield with an odd first period.
data _null_; settlement = mdy(1,15,93); maturity = mdy(1,1,98); issue = mdy(1,1,93); firstcoupon = mdy(7,1,94); rate = 0.07; pr = 103.94103984; redemption = 100; frequency = 2; basis = 0; r = finance('oddfyield', settlement, maturity, issue, firstcoupon, rate, pr, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 0.06.
Example 32: Computing Description: ODDLPRICE
The following example computes the price of a security per $100 face value with an odd last period.
data _null_; settlement = mdy(2,7,2008); maturity = mdy(6,15,2008); lastinterest = mdy(10,15,2007); rate = 0.0375; yield = 0.0405; redemption = 100; frequency = 2; basis = 0; r = finance('oddlprice', settlement, maturity, lastinterest, rate, yield, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 99.878286015.
Example 33: Computing Description: ODDLYIELD
The following example computes the yield of a security with an odd last period.
data _null_; settlement = mdy(2,7,2008); maturity = mdy(6,15,2008); lastinterest = mdy(10,15,2007); rate = 0.0375; pr = 99.878286015; redemption = 100; frequency = 2; basis = 0; r = finance('oddlyield', settlement, maturity, lastinterest, rate, pr, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 0.0405.
Example 34: Computing Description: PMT
The following example computes the periodic payment for an annuity.
data _null_; rate = 0.08; nper = 5; pv = 91; fv = 3; type = 0; r = finance('pmt', rate, nper, pv, fv, type); put r = ; run;
The value of r that is returned is -23.30290673.
Example 35: Computing Description: PPMT
The following example computes the payment on the principal for an investment for a specified period.
data _null_; rate = 0.08; per = 10; nper = 10; pv = 200000; fv = 0; type = 0; r = finance('ppmt', rate, per, nper, pv, fv, type); put r = ; run;
The value of r that is returned is -27598.05346.
Example 36: Computing Description: PRICE
The following example computes the price of a security per $100 face value that pays periodic interest.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(11,15,2017); rate = 0.0575; yield = 0.065; redemption = 100; frequency = 2; basis = 0; r = finance('price', settlement, maturity, rate, yield, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 94.634361621.
Example 37: Computing Description: PRICEDISC
The following example computes the price of a discounted security per $100 face value.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(11,15,2017); discount = 0.0525; redemption = 100; basis = 0; r = finance('pricedisc', settlement, maturity, discount, redemption, basis); put r = ; run;
The value of r that is returned is 48.8125.
Example 38: Computing Description: PRICEMAT
The following example computes the price of a security per $100 face value that pays interest at maturity.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(4,13,2008); issue = mdy(11,11,2007); rate = 0.061; yield = 0.061; basis = 0; r = finance('pricemat', settlement, maturity, issue, rate, yield, basis); put r = ; run;
The value of r that is returned is 99.98449888.
Example 39: Computing Description: PV
The following example computes the present value of an investment.
data _null_; rate = 0.05; nper = 10; pmt = 1000; fv = 200; type = 0; r = finance('pv', rate, nper, pmt, fv, type); put r = ; run;
The value of r that is returned is -7844.51758.
Example 40: Computing Description: RATE
The following example computes the interest rate per period of an annuity.
data _null_; nper = 4; pmt = -2481; pv = 8000; r = finance('rate', nper, pmt, pv); put r = ; run;
The value of r that is returned is 0.0921476841.
Example 41: Computing Description: RECEIVED
The following example computes the amount that is received at maturity for a fully invested security.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(5,15,2008); investment = 1000000; discount = 0.0575; basis = 2; r = finance('received', settlement, maturity, investment, discount, basis); put r = ; run;
The value of r that is returned is 1014584.6544.
Example 42: Computing Description: SLN
The following example computes the straight-line depreciation of an asset for one period.
data _null_; cost = 2000; salvage = 200; life = 11; r = finance('sln', cost, salvage, life); put r = ; run;
The value of r that is returned is 163.63636364.
Example 43: Computing Description: SYD
The following example computes the sum-of-years digits depreciation of an asset for a specified period.
data _null_; cost = 2000; salvage = 200; life = 11; per = 1; r = finance('syd', cost, salvage, life, per); put r = ; run;
The value of r that is returned is 300.
Example 44: Computing Description: TBILLEQ
The following example computes the bond-equivalent yield for a treasury bill.
data _null_; settlement = mdy(3,31,2008); maturity = mdy(6,1,2008); discount = 0.0914; r = finance('tbilleq', settlement, maturity, discount); put r = ; run;
The value of r that is returned is 0.0941514936.
Example 45: Computing Description: TBILLPRICE
The following example computes the price of a treasury bill per $100 face value.
data _null_; settlement = mdy(3,31,2008); maturity = mdy(6,1,2008); discount = 0.09; r = finance('tbillprice', settlement, maturity, discount); put r = ; run;
The value of r that is returned is 98.45.
Example 46: Computing Description: TBILLYIELD
The following example computes the yield for a treasury bill.
data _null_; settlement = mdy(3,31,2008); maturity = mdy(6,1,2008); pr = 98; r = finance('tbillyield', settlement, maturity, pr); put r = ; run;
The value of r that is returned is 0.1184990125.
Example 47: Computing Description: VDB
The following example computes the depreciation of an asset for a specified or partial period by using a declining balance method.
data _null_; cost = 2400; salvage = 300; life = 10; startperiod = 0; endperiod = 1; factor = 1.5; r = finance('vdb', cost, salvage, life, startperiod, endperiod, factor); put r = ; run;
The value of r that is returned is 360.
Example 48: Computing Description: XIRR
The following example computes the internal rate of return for a schedule of cash flows that is not necessarily periodic.
data _null_; v1 = -10000; d1 = mdy(1,1,2008); v2 = 2750; d2 = mdy(3,1,2008); v3 = 4250; d3 = mdy(10,30,2008); v4 = 3250; d4 = mdy(2,15,2009); v5 = 2750; d5 = mdy(4,1,2009); r = finance('xirr', v1, v2, v3, v4, v5, d1, d2, d3, d4, d5, 0.1); put r = ; run;
The value of r that is returned is 0.3733625335.
Example 49: Computing Description: XNPV
The following example computes the net present value for a schedule of cash flows that is not necessarily periodic.
data _null_; r = 0.09; v1 = -10000; d1 = mdy(1,1,2008); v2 = 2750; d2 = mdy(3,1,2008); v3 = 4250; d3 = mdy(10,30,2008); v4 = 3250; d4 = mdy(2,15,2009); v5 = 2750; d5 = mdy(4,1,2009); r = finance('xnpv', r, v1, v2, v3, v4, v5, d1, d2, d3, d4, d5); put r = ; run;
The value of r that is returned is 2086.647602.
Example 50: Computing Description: YIELD
The following example computes the yield on a security that pays periodic interest.
data _null_; settlement = mdy(2,15,2008); maturity = mdy(11,15,2016); rate = 0.0575; pr = 95.04287; redemption = 100; frequency = 2; basis = 0; r = finance('yield', settlement, maturity, rate, pr, redemption, frequency, basis); put r = ; run;
The value of r that is returned is 0.0650000069.
Example 51: Computing Description: YIELDDISC
The following example computes the annual yield for a discounted security (for example, a treasury bill).
data _null_; settlement = mdy(2,15,2008); maturity = mdy(11,15,2016); pr = 95.04287; redemption = 100; basis = 0; r = finance('yielddisc', settlement, maturity, pr, redemption, basis); put r = ; run;
The value of r that is returned is 0.0059607748.
Example 52: Computing Description: YIELDMAT
The following example computes the annual yield of a security that pays interest at maturity.
data _null_; settlement = mdy(3,15,2008); maturity = mdy(11,3,2008); issue = mdy(11,8,2007); rate = 0.0625; pr = 100.0123; basis = 0; r = finance('yieldmat', settlement, maturity, issue, rate, pr, basis); put r = ; run;
The value of r that is returned is 0.0609543337.
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