Returns the accrued interest for a security that pays periodic interest.
ACCRINT(issue; first_interest; settlement; rate; par; frequency; [basis]; [calc_method])
The ACCRINT function syntax has the following arguments:
- 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.
- 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.
- 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:
- 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.
Change the data in the non-colored cells and see how the result changes in the yellow cells.