On your spreadsheet, click the Tools menu, then click Macros, then click Edit macros.Copy the formula text to your clipboard.Put this formula code in your Calc spreadsheet's macros like so: If IsMissing(rate) or IsMissing(nper) ThenĮlseIf IsNumeric(rate) And IsNumeric(nper) Then REM Compute a daily rate of 0.1% compounded over 365 days:įunction EQUIVRATE(Optional rate as Variant, Optional nper as Variant) REM Compute the annual rate equivalent of a 21% biennial rate: REM Compute a yearly rate of 10% compounded over 2 years: REM nper: the number of periods, can be fractional This is why I've written code to do exactly that: REM EQUIVRATE converts a rate to the equivalent In other words: accurate financial sense requires apples-to-apples comparisons.
However, if there was a formula to bring the annual rate to a daily equivalent rate, you'd be okay. a daily rate that accrues daily with an annual rate that accrues monthly cannot accurately be compared. To accurately compare rates (profit, interest, et cetera), you must first bring these rates to a common time standard.
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