Conventional year
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The number of days per year, used to calculate interest or discount for a given period, based on a nominal annual rate.
The number of days in a conventional year may differ from the number of days in the calendar year, depending on the currency and market.
Examples of different numbers of days per conventional year include:
- 360, for example in the ACT/360 convention
- 365, for example in the ACT/365 fixed convention
- 366 or 365, for example in the ACT/365 convention, also known as the ACT/ACT or ACT/365 actual convention
