[Table of Contents] [docx version]

SpreadsheetML Reference Material - Table of Contents

DISC

Syntax:

DISC ( settlement , maturity , pr , redemption [ , [ basis ] ] )

Description: Computes the discount rate for a security.

Mathematical Formula:

where:

B = number of days in a year, depending on the year basis.
DSM = number of days between settlement and maturity.

Arguments:

Name

Type

Description

settlement

number

The security's settlement date.

maturity

number

The security's maturity date.

pr

number

The security's price per $100 face value.

redemption

number

The security's redemption value per $100 face value.

basis

number

The truncated integer type of day count basis to use, as follows:

Value

Day Count Basis

0 or omitted

US (NASD) 30/360

1

Actual/actual

2

Actual/360

3

Actual/365

4

European 30/360

 

 

Time information in the date arguments is ignored.

Return Type and Value: number – The discount rate for a security.

However, if

settlement or maturity is out of range for the current date base value, #NUM! is returned.

settlement ≥ maturity, #NUM! is returned.

pr or redemption ≤ 0, #NUM! is returned.

basis < 0 or basis > 4, #NUM! is returned.

[Example:

DISC(DATE(2007,1,25),DATE(2007,6,15),97.975,100,1) results in 5.2420%

end example]