ACT/ACT

A day count convention which calculates actual days over the actual number of days in a year.

In a normal year, this will be 365 days.

In a leap year it is 366 days.

Also known as ACT/365, because the denominator is usually 365.

Contrasted with ACT/365 fixed, where the denominator is always 365, including in a leap year.

See also

• CertFMM
• Denominator
• Interest
• ACT/360
• ACT/365
• ACT/365 fixed
• Day count conventions
• Conventional year