We can determine the yield of a security with a quarterly coupon payment frequency and Actual/actual basis type using the Excel YIELD function in the following way. Let us see the steps with an example. The below table contains the required input for calculating the yield of a specific security. In this example, the coupon payment frequency is quarterly. So, the frequency argument value is 4. And the day count basis type is Actual/actual. Hence, the basis argument value is 1. Suppose the requirement is to show the calculated yield value in cell B13. Then, here is how we can apply the Excel YIELD function in the target cell and get the yield value. • Step 1: Select the target cell B13, enter the YIELD() provided in the Formula Bar in the below image, and press Enter. • Step 2: Select cell B13 and set the data format as Percentage using the Number Format option in the Home tab. Thus, the YIELD() evaluates the yield of a security, with quarterly coupon payment frequency and Actual/actual day count basis type, as 3.86%.