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A day count convention which calculates actual days in a time period, 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.

The ACT/ACT convention is also sometimes 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