YIELD in WPS Spreadsheet: Solve the Yield of a Regular Coupon Bond

=YIELD(settlement,maturity,rate,pr,redemption,frequency,[basis])

settlement and maturity are the purchase settlement and final payment dates. rate is the known annual coupon rate. pr is the known price per 100 face value, not face value and not a yield. redemption is the final redemption amount per 100. frequency is 1 annually, 2 semiannually or 4 quarterly. basis is the optional day-count convention. The function solves for an annual yield consistent with the quoted price and regular coupon cash flows.

Use =YIELD(A2,A3,A4,A5,A6,A7,A8) in B2, formatted as a percentage. Expected result: approximately 8%. Assume a regular January/July coupon schedule, settlement on a coupon date, and four remaining coupons.

The independent check discounts coupons of 3 and the final redemption at 4% per half-year:

3/1.04 + 3/1.04^2 + 3/1.04^3 + 103/1.04^4
= 96.3701047757431

The annual nominal yield consistent with that semiannual rate is 2*4%=8%. It is not an effective annual compound rate. An independent bisection calculation also recovers 0.08 from this price; that verifies the numerical expectation without claiming anything about WPS’s internal solver.

Put =PRICE(A2,A3,A4,8%,A6,A7,A8) in A5, then calculate YIELD in B2. The documented models are inverses for this regular coupon-date control, so the expected yield is again approximately 8%. Keeping the unrounded PRICE value avoids the information loss from typing a two-decimal price of 96.37.

For a second independent control, replace A5 with 100. With redemption at 100, the same schedule and 6% coupon, the expected annual yield is 6%. This distinguishes the coupon input from the solved yield: they coincide at par in this control but need not coincide at other prices.

The official argument list explicitly defines pr as price per 100; its walkthrough loosely labels that field as face value. Follow the argument definition. Use positive quoted price and redemption values, rather than opposite-signed cash flows. Rates are decimals, so 6% is 0.06.

The lesson documents #VALUE! for invalid dates and #NUM! for negative coupon rate, nonpositive price or redemption, unsupported frequency, basis outside 0–4, or settlement on/after maturity. Dates, frequency and basis are truncated according to the source. It does not provide a universal convergence or rounding guarantee. Historical wording about iteration counts is not evidence of a current-build implementation limit, so none is asserted here.

These controls do not establish irregular-coupon behavior or every negative-yield case. Do not replace the source’s separate short-maturity branch with the four-payment equation for arbitrary dates. Check the schedule, basis and unrounded price before interpreting a disagreement as a solver defect.

Enter dates with DATE(year,month,day) or references to genuine date cells, rather than locale-dependent text. Rates are annual decimals: enter 6% or 0.06, not 6. Use the same currency throughout; these functions do not convert currencies.

The official basis table lists 0 (or omitted) as US NASD 30/360, 1 as actual/actual, 2 as actual/360, 3 as actual/365, and 4 as European 30/360. The examples specify basis explicitly. The names alone do not define every February, month-end or multi-year adjustment; this guide does not generalize its controls to those edge cases.

The official WPS Academy YIELD lesson labels its applicable edition WPS Office For Windows Personal (个人版). The lesson and relevant formula/table illustrations were reviewed on October 19, 2026. This establishes a Chinese first-party documented scope, not English-global, Linux, macOS, mobile or all-edition availability. The numeric build, introduction release and last supported version are not established. The lesson does not identify the function as deprecated.

Examples above are independent mathematical expectations under the stated assumptions. They were not executed in WPS, and no current application screenshot or runtime precision guarantee is supplied. Documentation images establish the written contract, not a new native test. English function tokens and comma separators follow the source; verify localized entry and workbook interchange in the intended client.

• DATE: Construct unambiguous date inputs.
• DAYS: Count elapsed calendar days.