# Periodic

An amount, usually expressed in percentage or decimal terms, applied as a proportionate amount per period, rather than per annum.

In relation to periodic yields (r):

r = R x days / year

Where:

r = periodic yield

R = nominal annual yield

days = actual number of days in the period under review

year = number of days in a conventional year

Example

Interest is quoted at a market rate of 4% in USD, for 90 days maturity.

R = nominal annual yield = 0.04 (= 4%)

days = actual number of days in the period under review = 90

year = number of days in a conventional year = 360 for USD

Periodic yield = 0.04 x 90 / 360

= 0.01 (= 1%)

This is the periodic yield per 90 days in USD.
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