## ACT ACT(AFB)

Subtype of NameThe AFB convention, also known as

*Actual/Actual Euro*Let

**be the period between two dates**

*[T₁,T₂)***and**

*T₁***, of which the length**

*T₂***in annual units must be calculated**

*L*Calculation rule:

Let

**be the number of days of**

*N***, with**

*[T₁,T₂)***included and**

*T₁***excluded.**

*T₂*Let

**be some specially defined nominal number of days of**

*N'***, calculated as follows:**

*[T₁,T₂)*If the period

**does not exceed one year,**

*[T₁,T₂)***equals either 366 or 365 depending on whether the leap day 29 Feb is in**

*N'***respectively, whereby the last date**

*[T₁,T₂)***is not considered.**

*T₂*If the period

**exceeds one year, the calculation is split into two parts:**

*[T₁,T₂)*1) The number of complete years, counted back from

*T₂*2) The remaining initial stub, calculated using the basic rule.

Then:

*L = N/(N')*