ACCRINT

Syntax:

ACCRINT ( issue , first-interest , settlement , rate , [ par ] , frequency [ , [ basis ] ] )

Description: Computes the accrued interest for a security that pays periodic interest.

Mathematical Formula:

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.

Arguments:

Name

Type

Description

issue

number

The security's issue date.

first-interest

number

The security's first interest date.

settlement

number

The security's settlement date.

rate

number

The security's annual coupon rate.

par

number

The security's par value. If omitted, 1,000 is used.

frequency

number

The number of coupon payments per year. For annual payments, frequency is 1; for semiannual payments, frequency is 2; for quarterly payments, frequency is 4. frequency is truncated to an integer.

basis

number

The truncated integer type of day count basis to use, as follows:

Value

Day Count Basis

0 or omitted

US (NASD) 30/360

1

Actual/actual

2

Actual/360

3

Actual/365

4

European 30/360

Time information in the date arguments is ignored.

Return Type and Value: number – The accrued interest for a security that pays periodic interest.

However, if

  • issue, first-interest, or settlement is out of range for the current date base value, #NUM! is returned

  • issue ≥ settlement, #NUM! is returned

  • rate or par ≤ 0, #NUM! is returned

  • frequency is any number other than 1, 2, or 4, #NUM! is returned

  • basis < 0 or basis > 4, #NUM! is returned

example: