Formulas and Functions

Chapter 6 Financial Functions 101
Example 2
Assume you are considering the purchase of the hypothetical security described by the values listed.
The settlement date is assumed to be after the rst coupon date.
You could use the ACCRINT function to determine the amount of accrued interest that would be
added to the purchase/sale price. The function evaluates to approximately $20.56, which represents
the interest accrued between the immediately preceding coupon payment date and the settlement
date.
issue rst settle annual-rate par frequency days-basis
=ACCRINT
(B2, C2, D2,
E2, F2, G2,
H2)
12/14/2008 07/01/2009 09/15/2009 0.10 1000 2 0
Related Topics
For related functions and additional information, see:
“ACCRINTM” on page 101
“Common Arguments Used in Financial Functions” on page 341
“Listing of Financial Functions” on page 96
“Value Types” on page 36
“The Elements of Formulas” on page 15
“Using the Keyboard and Mouse to Create and Edit Formulas” on page 26
“Pasting from Examples in Help” on page 41
ACCRINTM
The ACCRINTM function calculates the total accrued interest added to the purchase price
of a security and paid to the seller when the security pays interest only at maturity.
ACCRINTM(issue, settle, annual-rate, par, days-basis)
 issue: The date the security was originally issued. issue is a date/time value and
must be the earliest date given.
 settle: The trade settlement date. settle is a date/time value. The trade settlement
date is usually one or more days after the trade date.
 annual-rate: The annual coupon rate or stated annual interest rate of the security.
annual-rate is a number value and is either entered as a decimal (for example, 0.08)
or with a percent sign (for example, 8%).