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ACCRINT function
This article describes the formula syntax and usage of the
ACCRINT function (function: A prewritten formula that takes a value or values,
performs an operation, and returns a value or values. Use functions to simplify
and shorten formulas on a worksheet, especially those that perform lengthy or
complex calculations.) in Microsoft Excel.
Description
Returns the accrued interest for a security that pays
periodic interest.
Syntax
ACCRINT(issue, first_interest, settlement, rate, par,
frequency, [basis], [calc_method])Important
Dates should be entered by using the DATE function, or as results of
other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day
of May, 2008. Problems can occur if dates are entered as text.
The ACCRINT function syntax has the following arguments
(argument: A value that provides information to an action, an event, a method,
a property, a function, or a procedure.):
Issue Required. The
security's issue date.
First_interest
Required. The security's first interest date.
Settlement Required.
The security's settlement date. The security settlement date is the date after
the issue date when the security is traded to the buyer.
Rate Required. The
security's annual coupon rate.
Par Required. The
security's par value. If you omit par, ACCRINT uses $1,000.
Frequency Required.
The number of coupon payments per year. For annual payments, frequency = 1; for
semiannual, frequency = 2; for quarterly, frequency = 4.
Basis Optional. The
type of day count basis to use.Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360
Calc_method Optional.
A logical value that specifies the way to calculate the total accrued interest
when the date of settlement is later than the date of first_interest. A value
of TRUE (1) returns the total accrued interest from issue to settlement. A
value of FALSE (0) returns the accrued interest from first_interest to
settlement. If you do not enter the argument, it defaults to TRUE.
Remarks
Microsoft Excel stores dates as sequential serial numbers so
they can be used in calculations. By default, January 1, 1900 is serial number
1, and January 1, 2008 is serial number 39448 because it is 39,448 days after
January 1, 1900. Microsoft Excel for the Macintosh uses a different date system
as its default.
Issue, first_interest, settlement, frequency, and basis are
truncated to integers.
If issue, first_interest, or settlement is not a valid date,
ACCRINT returns the #VALUE! error value.
If rate ≤ 0 or if par ≤ 0, ACCRINT returns the #NUM! error
value.
If frequency is any number other than 1, 2, or 4, ACCRINT
returns the #NUM! error value.
If basis < 0 or if basis > 4, ACCRINT returns the
#NUM! error value.
If issue ≥ settlement, ACCRINT returns the #NUM! error
value.
ACCRINT is calculated as follows:
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where:
Ai = number of accrued days for the ith quasi-coupon period
within odd period.
NC = number of quasi-coupon periods that fit in odd period.
If this number contains a fraction, raise it to the next whole number.
NLi = normal length in days of the ith quasi-coupon period
within odd period.
Example
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