PRICE ( settlement , maturity , rate , yld , redemption , frequency [ , [ basis ] ] )
Description: Computes the price per $100 face value of a security that pays periodic interest.
Mathematical Formula:
where:
DSC = number of days from settlement to next coupon date.
E = number of days in coupon period in which the settlement date falls.
N = number of coupons payable between settlement date and redemption date.
A = number of days from beginning of coupon period to settlement date.
Arguments:
|
Name |
Type |
Description | ||||||||||||
|
settlement |
number |
The security's settlement date. | ||||||||||||
|
maturity |
number |
The security's maturity date. | ||||||||||||
|
rate |
number |
The security's interest rate. | ||||||||||||
|
yield |
number |
The security's annual yield. | ||||||||||||
|
redemption |
number |
The security's redemption value per $100 face value. | ||||||||||||
|
frequency |
number |
the number of coupon payments per year. (For annual payments, frequency is 1; for semiannual payments, frequency is 2; for quarterly payments, frequency is 4.) frequency is truncated to an integer. | ||||||||||||
|
basis |
number |
The truncated integer type of day count basis to use, as follows:
|
Time information in the date arguments is ignored.
Return Type and Value: number – The price per $100 face value of a security that pays periodic interest.
However, if
• settlement or maturity is out of range for the current date base value, #NUM! is returned.
• settlement ≥ maturity, #NUM! is returned.
• rate or yld < 0, #NUM! is returned.
• redemption ≤ 0, #NUM! is returned.
• frequency is any number other than 1, 2, or 4, #NUM! is returned.
• basis < 0 or basis > 4, #NUM! is returned.
[Example:
PRICE(DATE(2008,2,15),DATE(2017,11,15),0.0575,0.065,100,2,0) results in 94.6344
end example]