"Using the ACCRINT function: Easily calculate interest on term securities"

Returns the accrued interest on a periodic interest-paying security.

grammar

ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])

Important: Dates should be entered using the DATE function or as the result of another formula or function.

For example, use the function DATE(2008,5,23) to enter May 23, 2008. The problem occurs if the date is entered as text.

The ACCRINT function syntax has the following arguments:

Issue: Required, the issue date of the securities.

First_interest: required, the first interest accrual date of the securities.

Settlement: required, the settlement date of the securities. The settlement date of a security is the date after the issuance date when the security is sold to the purchaser.

Rate: Required, the annual coupon rate of the security.

Par: Required, the par value of the security. If this parameter is omitted, ACCRINT uses $10,000.

Frequency: Required, annual interest payment frequency. If you pay annually, frequency = 1; if you pay semiannually, frequency = 2; if you pay quarterly, frequency = 4.

Basis: Optional, the type of day count basis to use.

calc_method: Optional, a logical value that specifies the method used to calculate total accrued interest when the settlement date is later than the first interest accrual date. If TRUE (1), returns the total accrued interest from the issue date to the settlement date. If the value is FALSE (0), returns accrued interest from the first interest accrual date to the settlement date. If this parameter is not entered, it defaults to TRUE.

illustrate

WPS stores dates as serial numbers that can be used for calculations. By default, the serial number for January 1, 1900 is 1, and the serial number for January 1, 2008 is 39448 because it is 39448 days from January 1, 1900.

issue, first_interest, settlement, frequency and basis will be truncated.

If issue, first_interest, or settlement is not a valid date, ACCRINT returns a #VALUE! error value.

If rate ≤ 0 or par ≤ 0, ACCRINT returns the #NUM! error value.

If frequency is not a number 1, 2, or 4, ACCRINT returns the #NUM! error value.

If basis < 0 or basis > 4, ACCRINT returns the #NUM! error value.

If issue ≥ settlement, ACCRINT returns a #NUM! error value.

The calculation formula of function ACCRINT is as follows: