Formula generator for YEARFRAC function
The YEARFRAC function returns the number of years, including fractional years, between two dates using a specified day count convention. It is commonly used in financial calculations to determine interest rates, loan durations, and age calculations. The day_count_convention parameter is optional and determines how the days are counted between the start and end dates..
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How to generate an YEARFRAC formula using AI.
To obtain information on the ARRAY_CONSTRAIN formula, you could ask the AI chatbot the following question: “To obtain the YEARFRAC formula, you could ask the AI chatbot the following question: "What is the Excel formula to calculate the fraction of years between two dates?"”
YEARFRAC formula syntax
The YEARFRAC function in Excel calculates the fraction of a year between two dates. Its syntax is: YEARFRAC(start_date, end_date, [basis]) - start_date: The starting date of the period you want to calculate. - end_date: The ending date of the period you want to calculate. - basis (optional): The basis on which to calculate the fraction of a year. It is a numeric value that determines how the calculation is performed. The basis argument can take different values: - 0 or omitted: US (NASD) 30/360 method. - 1: Actual/actual basis. - 2: Actual/360 method. - 3: Actual/365 method. - 4: European 30/360 method. The function returns a decimal value representing the fraction of a year between the two dates.
Use Cases & Examples
In these use cases, we use the YEARFRAC function to calculate the fraction of a year between two dates. This function is helpful for determining the length of time between two dates in terms of years, taking into account leap years and different month lengths.
Calculating Age
Description
Calculate the age of a person in years, including fractional years, based on their birthdate and the current date.
Result
YEARFRAC(birthdate, TODAY(), 1)
Calculating Loan Interest
Description
Calculate the interest accrued on a loan over a specific period of time, using a specified day count convention
Result
YEARFRAC(start_date, end_date, 2) * loan_amount * interest_rate
Calculating Project Duration
Description
Calculate the duration of a project in years, including fractional years, based on the start date and end date.
Result
YEARFRAC(start_date, end_date, 0)
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