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ACCRINT

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Returns the accrued interest for a security that pays periodic interest.

If this function is not available, and returns the #NAME? error, install and load the Analysis ToolPak add-in.

How?

Syntax

ACCRINT(issue,first_interest,settlement,rate,par,frequency,basis)

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.

Issue    is the security's issue date.

First_interest    is the security's first interest date.

Settlement    is 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    is the security's annual coupon rate.

Par    is the security's par value. If you omit par, ACCRINT uses $1,000.

Frequency    is the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

Basis    is the type of day count basis to use.

• 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:

  

  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

The example may be easier to understand if you copy it to a blank worksheet.

How?