360-day calendar

Last updated

The 360-day calendar is a method of measuring durations used in financial markets, in computer models, in ancient literature, and in prophetic literary genres.

Contents

It is based on merging the three major calendar systems into one complex clock[ citation needed ], with the 360-day year derived from the average year of the lunar and the solar: (365.2425 (solar) + 354.3829 (lunar))/2 = 719.6254/2 = 359.8127 days, rounding to 360.

A 360-day year consists of 12 months of 30 days each, so to derive such a calendar from the standard Gregorian calendar, certain days are skipped.

For example, the 27th of June (Gregorian calendar) would be the 4th of July in the USA.

Ancient Calendars

Ancient calendars around the world initially used a 360-day calendar. [1]

Rome

According to Plutarch's Parallel Lives Romans initially used a calendar which had 360 days, with varying length of months. [2] However, Macrobius' Saturnalia and Censorinus' The Birthday Book, claim that the original Roman calendar had 304 days split into 10 months. [3]

India

The Rig Veda describes a calendar with twelve months and 360 days. [4]

Mesoamerica

In the Mayan Long Count Calendar, the equivalent of the year, the tun, was 360 days. [5]

Egypt

Ancient Egyptians also used a 360-day calendar. One myth tells of how the extra 5 days were added.

A long time ago, Ra, who was god of the sun, ruled the earth. During this time, he heard of a prophecy that Nut, the sky goddess, would give birth to a son who would depose him. Therefore Re cast a spell to the effect that Nut could not give birth on any day of the year, which was then itself composed of precisely 360 days. To help Nut to counter this spell, the wisdom god Thoth devised a plan.

Thoth went to the moon god Khonsu and asked that he play a game known as Senet, requesting that they play for the very light of the moon itself. Feeling confident that he would win, Khonsu agreed. However, in the course of playing he lost the game several times in succession, such that Thoth ended up winning from the moon a substantial measure of its light, equal to about five days.

With this in hand, Thoth then took this extra time, and gave it to Nut. In doing so this had the effect of increasing the earth’s number of days per year, allowing Nut to give birth to a succession of children; one upon each of the extra 5 days that were added to the original 360. And as for the moon, losing its light had quite an effect upon it, for it became weaker and smaller in the sky. Being forced to hide itself periodically to recuperate; it could only show itself fully for a short period of time before having to disappear to regain its strength.

[6] [7]

Financial use

A duration is calculated as an integral number of days between startdate A and enddate B. The difference in years, months and days are usually calculated separately:

There are several methods commonly available which differ in the way that they handle the cases where the months are not 30 days long, i.e. how they adjust dates:

European method (30E/360) [8] [9] [10] [11] [12]
If either date A or B falls on the 31st of the month, that date will be changed to the 30th.
Where date B falls on the last day of February, the actual date B will be used.
All months are considered to last 30 days and hence a full year has 360 days, but another source says that February has its actual number of days.
US/NASD method (30US/360) [13]
If both date A and B fall on the last day of February, then date B will be changed to the 30th.
If date A falls on the 31st of a month or last day of February, then date A will be changed to the 30th.
If date A falls on the 30th of a month after applying (2) above and date B falls on the 31st of a month, then date B will be changed to the 30th.
All months are considered to last 30 days and hence a full year has 360 days.
ISDA method [14] [10] [11] [12]
If date A falls on the 31st of a month, then date A will be changed to the 30th.
If date A falls on the 30th of the month after applying the rule above, and date B falls on the 31st of the month, then date B will be changed to the 30th.
All months are considered to last 30 days except February which has its actual length. Any full year, however, always counts for 360 days.
BMA/PSA method [10] [11] [12]
If date A falls on the 31st of a month or last day of February, then date A will be changed to the 30th.
If date A falls on the 30th of the month after applying the rule above, and date B falls on the 31st of the month, then date B will be changed to the 30th.
All months are considered to last 30 days and hence a full year has 360 days.
Alternative European method (30E+/360) [10] [12]
If date A falls on the 31st of a month, then date A will be changed to the 30th.
If date B falls on the 31st of a month, then date B will be changed to the 1st of the following month.
Where date B falls on the last day of February, the actual date B will be used.
All months are considered to last 30 days and hence a full year has 360 days.
360-day calendar implementation in spreadsheet functions
PackageFunctionVariant
Apache OpenOffice, Collabora Online, LibreOffice and Microsoft Excel DAYS360NASD, but not SIA-compliant [15] [16] [17]
European
YEARFRACNASD and European
SQL Server 2000 Analysis Services Days360
Mathworks Financial Toolboxdays360US/NASD
days360eEuropean
days360isdaISDA
days360psaPSA
Gnumeric DAYS360
Apple Numbers DAYS360NASD and European
YEARFRACNASD and European

See also

Related Research Articles

Intercalation or embolism in timekeeping is the insertion of a leap day, week, or month into some calendar years to make the calendar follow the seasons or moon phases. Lunisolar calendars may require intercalations of both days and months.

The Julian calendar is a solar calendar of 365 days in every year with an additional leap day every fourth year. The Julian calendar is still used as a religious calendar in parts of the Eastern Orthodox Church and in parts of Oriental Orthodoxy as well as by the Amazigh people.

A leap year is a calendar year that contains an additional day compared to a common year. The 366th day is added to keep the calendar year synchronized with the astronomical year or seasonal year. Because astronomical events and seasons do not repeat in a whole number of days, calendars that have a constant number of days in each year will unavoidably drift over time with respect to the event that the year is supposed to track, such as seasons. By inserting ("intercalating") an additional day, a leap day, or month, a leap month, into some years, the drift between a civilization's dating system and the physical properties of the Solar System can be corrected.

A month is a unit of time, used with calendars, that is approximately as long as a natural orbital period of the Moon; the words month and Moon are cognates. The traditional concept of months arose with the cycle of Moon phases; such lunar months ("lunations") are synodic months and last approximately 29.53 days, making for roughly 12.37 such months in one Earth year. From excavated tally sticks, researchers have deduced that people counted days in relation to the Moon's phases as early as the Paleolithic age. Synodic months, based on the Moon's orbital period with respect to the Earth–Sun line, are still the basis of many calendars today and are used to divide the year.

<span class="mw-page-title-main">Lunar phase</span> Shape of the Moons sunlit portion as viewed from Earth

A lunar phase or Moon phase is the apparent shape of the Moon's directly sunlit portion as viewed from the Earth. In common usage, the four major phases are the new moon, the first quarter, the full moon and the last quarter; the four minor phases are waxing crescent, waxing gibbous, waning gibbous, and waning crescent. A lunar month is the time between successive recurrences of the same phase: due to the eccentricity of the Moon's orbit, this duration is not perfectly constant but averages about 29.5 days.

The International Fixed Calendar is a proposed calendar reform designed by Moses B. Cotsworth, first presented in 1902. The International Fixed Calendar divides the year into 13 months of 28 days each. A type of perennial calendar, every date is fixed to the same weekday every year. Though it was never officially adopted at the country level, the entrepreneur George Eastman instituted its use at the Eastman Kodak Company in 1928, where it was used until 1989. While it is sometimes described as the 13-month calendar or the equal-month calendar, various alternative calendar designs share these features.

<span class="mw-page-title-main">Roman calendar</span> Calendar used by the Roman Kingdom and Roman Republic

The Roman calendar was the calendar used by the Roman Kingdom and Roman Republic. Although the term is primarily used for Rome's pre-Julian calendars, it is often used inclusively of the Julian calendar established by the reforms of the Dictator Julius Caesar and Emperor Augustus in the late 1st century BC.

<span class="mw-page-title-main">Thoth</span> Ancient Egyptian deity of the Moon, learning, writing

Thoth is an ancient Egyptian deity. In art, he was often depicted as a man with the head of an ibis or a baboon, animals sacred to him. His feminine counterpart was Seshat, and his wife was Ma'at. He was the god of the Moon, wisdom, knowledge, writing, hieroglyphs, science, magic, art and judgment.

<span class="mw-page-title-main">Egyptian calendar</span> Calendar used in ancient Egypt before 22 BC

The ancient Egyptian calendar – a civil calendar – was a solar calendar with a 365-day year. The year consisted of three seasons of 120 days each, plus an intercalary month of five epagomenal days treated as outside of the year proper. Each season was divided into four months of 30 days. These twelve months were initially numbered within each season but came to also be known by the names of their principal festivals. Each month was divided into three 10-day periods known as decans or decades. It has been suggested that during the Nineteenth Dynasty and the Twentieth Dynasty the last two days of each decan were usually treated as a kind of weekend for the royal craftsmen, with royal artisans free from work.

<span class="mw-page-title-main">Date of Easter</span> Calculation of its date

As a moveable feast, the date of Easter is determined in each year through a calculation known as computus. Easter is celebrated on the first Sunday after the Paschal full moon, which is the first full moon on or after 21 March. Determining this date in advance requires a correlation between the lunar months and the solar year, while also accounting for the month, date, and weekday of the Julian or Gregorian calendar. The complexity of the algorithm arises because of the desire to associate the date of Easter with the date of the Jewish feast of Passover which, Christians believe, is when Jesus was crucified.

Dominical letters or Sunday letters are a method used to determine the day of the week for particular dates. When using this method, each year is assigned a letter depending on which day of the week the year starts. The Dominical letter for the current year 2024 is GF.

<span class="mw-page-title-main">Babylonian calendar</span> Lunisolar calendar

The Babylonian calendar was a lunisolar calendar used in Mesopotamia from around the second millennium BCE until the Seleucid Era, and it was specifically used in Babylon from the Old Babylonian Period until the Seleucid Era. The civil lunisolar calendar was used contemporaneously with an administrative calendar of 360 days, with the latter used only in fiscal or astronomical contexts. The lunisolar calendar descends from an older Sumerian calendar used in the 4th and 3rd millennia BCE.

<span class="mw-page-title-main">Sothic cycle</span>

The Sothic cycle or Canicular period is a period of 1,461 Egyptian civil years of 365 days each or 1,460 Julian years averaging 365¼ days each. During a Sothic cycle, the 365-day year loses enough time that the start of its year once again coincides with the heliacal rising of the star Sirius on 19 July in the Julian calendar. It is an important aspect of Egyptology, particularly with regard to reconstructions of the Egyptian calendar and its history. Astronomical records of this displacement may have been responsible for the later establishment of the more accurate Julian and Alexandrian calendars.

In finance, a day count convention determines how interest accrues over time for a variety of investments, including bonds, notes, loans, mortgages, medium-term notes, swaps, and forward rate agreements (FRAs). This determines the number of days between two coupon payments, thus calculating the amount transferred on payment dates and also the accrued interest for dates between payments. The day count is also used to quantify periods of time when discounting a cash-flow to its present value. When a security such as a bond is sold between interest payment dates, the seller is eligible to some fraction of the coupon amount.

<span class="mw-page-title-main">Amavasya</span> Last day of the dark lunar fortnight

Amāvásyā is the lunar phase of the new moon in Sanskrit. Indian calendars use 30 lunar phases, called tithi in India. The dark moon tithi is when the Moon is within 12 degrees of the angular distance between the Sun and Moon before conjunction (syzygy). The New Moon tithi is the 12 angular degrees after syzygy. Amāvásyā is often translated as new moon since there is no standard term for the Moon before conjunction in English.

The ISO week date system is effectively a leap week calendar system that is part of the ISO 8601 date and time standard issued by the International Organization for Standardization (ISO) since 1988 and, before that, it was defined in ISO (R) 2015 since 1971. It is used (mainly) in government and business for fiscal years, as well as in timekeeping. This was previously known as "Industrial date coding". The system specifies a week year atop the Gregorian calendar by defining a notation for ordinal weeks of the year.

<span class="mw-page-title-main">Mesoamerican Long Count calendar</span> Calendar used by several pre-Columbian Mesoamerican cultures

The Mesoamerican Long Count calendar is a non-repeating base-20 and base-18 calendar used by several pre-Columbian Mesoamerican cultures, most notably the Maya. For this reason, it is often known as the MayaLong Count calendar. Using a modified vigesimal tally, the Long Count calendar identifies a day by counting the number of days passed since a mythical creation date that corresponds to August 11, 3114 BCE in the proleptic Gregorian calendar. The Long Count calendar was widely used on monuments.

An ecclesiastical full moon is formally the 14th day of the ecclesiastical lunar month in an ecclesiastical lunar calendar. The ecclesiastical lunar calendar spans the year with lunar months of 30 and 29 days which are intended to approximate the observed phases of the Moon. Since a true synodic month has a length that can vary from about 29.27 to 29.83 days, the moment of astronomical opposition tends to be roughly 14.75 days after the previous conjunction of the Sun and Moon. The ecclesiastical full moons of the Gregorian lunar calendar tend to agree with the dates of astronomical opposition, referred to a day beginning at midnight at 0 degrees longitude, to within a day or so. However, the astronomical opposition happens at a single moment for the entire Earth: The hour and day at which the opposition is measured as having taken place will vary with longitude. In the ecclesiastical calendar, the 14th day of the lunar month, reckoned in local time, is considered the day of the full moon at each longitude.

The Balinese saka calendar is one of two calendars used on the Indonesian island of Bali. Unlike the 210-day pawukon calendar, it is based on the phases of the Moon, and is approximately the same length as the tropical year.

<span class="mw-page-title-main">Lunar deity</span> Deity that represents the Moon

A lunar deity or moon deity is a deity who represents the Moon, or an aspect of it. These deities can have a variety of functions and traditions depending upon the culture, but they are often related. Lunar deities and Moon worship can be found throughout most of recorded history in various forms.

References

  1. "An Original 360-Day Year". 360dayyear.com. Retrieved 2021-06-17.
  2. Plutarch. "Life of Numa". The University of Chicago.
  3. Censorinus, Jacques Mangeart (1843). Livre de Censorinus sur le jour natal (in French). University of Michigan. C. L. F. Panckoucke.
  4. B.G., Sidharth (1999). The Celestial Key to the Vedas. p. 86. ISBN   9780892817535.
  5. "Maya Calendar Converter". Smithsonian National Museum of the American Indian. 2015. Retrieved September 10, 2015.
  6. "Earth's Original 360-Day Year and Calendar". 360dayyear.com. 2015. Archived from the original on 2021-12-22. Retrieved 31 January 2019.
  7. "An 'Ideal' Earth Year of 360 Days?". Keith Hunter, Ancient World Mysteries. 2015. Retrieved 31 January 2019.
  8. ISMA book “Bond Markets: Structures and Yield Calculations”, ISBN   1-901912-02-7, and ISMA’s Circular 14 of 1997
  9. 2006 ISDA Definitions, Sec. 4.16 (g)
  10. 1 2 3 4 "Derivatives Risk Management Software & Pricing Analytics | FINCAD".
  11. 1 2 3 "Day Count Convention for Bonds". Archived from the original on 2016-04-25. Retrieved 2016-03-25.
  12. 1 2 3 4 Accrual & Discounting Conventions
  13. Standard Securities Calculation Methods, Fixed Income Securities Formulas for Price, Yield, and Accrued Interest: Volume 1, 1993, Jan Mayle, New York, NY: Securities Industry Association, ISBN   1882936019
  14. 2006 ISDA Definitions, Sec. 4.16 (f)
  15. See Microsoft Kb Article 916004. This bug is present in Excel versions 97 through 2007. This can be demonstrated by evaluating DAYS360(DATE(2006,2,28), DATE(2007,2,28)); here years starting and ending on the last day in February only have 358 days.
  16. OpenOffice is also not SIA-compliant, to maintain Excel compatibility see Issue 84934 ODFF: DAYS360 compliance
  17. OpenOffice Documentation