This article describes the formula syntax and usage of the MDURATION  function in Microsoft Excel.


Returns the modified Macauley duration for a security with an assumed par value of $100.


MDURATION(settlement, maturity, coupon, yld, frequency, [basis])

Important: Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The MDURATION function syntax has the following arguments:

BasisDay count basis
0 or omittedUS (NASD) 30/360
4European 30/360



Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

1/1/2008Settlement date
1/1/2016Maturity date
8%Percent coupon
9%Percent yield
2Frequency is semiannual (see above)
1Actual/actual basis (see above)
=MDURATION(A2,A3,A4,A5,A6,A7)The modified duration, for the bond with the terms specified in A2:A5.5.736

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