This is controlled by anoptional argument called “basis”.

TheYEARFRAC functionreturns the decimal value 0.0388888888888889.

Then this value is formatted with thePercentage number formatwhich displays as a percentage.

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The result is the percentage of the year completed through as of today.

This percentage will continually update over time.

For example, 35% is read as “thirty-five percent” and is equivalent to 35/100 or 0.35.

Excel formula: Calculate years between dates

Accordingly, the values in columns C and D aredecimal valueswith thePercentage number formatapplied.

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Excel YEARFRAC function

Excel YEAR function

Excel DATE function