PRICEMAT

Syntax:

PRICEMAT ( settlement , maturity , issue , rate , yld [ , [ basis ] ] )

Description: Computes the price per $100 face value of a security that pays interest at maturity.

Mathematical Formula:

where:

B = number of days in year, depending on year basis.DSM = number of days from settlement to maturity.DIM = number of days from issue to maturity.A = number of days from issue to settlement.

Arguments:

Name

Type

Description

settlement

number

The security's settlement date.

maturity

number

The security's maturity date.

issue

number

The security's issue date.

rate

number

The security's interest rate.

yld

number

The security's annual yield.

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 price per $100 face value of a security that pays interest at maturity.

However, if

  • settlement, maturity, or issue is out of range for the current date base value, #NUM! is returned.

  • settlement ≥ maturity, #NUM! is returned.

  • rate or yld < 0, #NUM! is returned.

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

example: