Name

Source Description
Syntax
AnalysisReturns the accrued interest for a =ACCRINT(Issue,First_Interest,Settlement,Rate,
ACCRINT
ToolPak security that pays periodic interest
Par,Frequency,Basis)
Returns the accrued interest for a
Analysis
ACCRINTM
security that pays interest at
=ACCRINTM(Issue,Settlement,Rate,Par,Basis)
ToolPak
maturity
Returns the depreciation for each
Analysis
=AMORDEGRC(Cost,Date_purchased,First_period,
AMORDEGRC
accounting period using the
ToolPak
Salvage,Period,Rate,Basis)
French accounting system
Returns the depreciation for each
Analysis
=AMORLINC(Cost,Date_purchased,First_period,
accounting period using the
ToolPak
Salvage,Period,Rate,Basis)
French accounting system
Returns the number of days from
the beginning of the coupon
Analysis
=COUPDAYBS(settlement,maturity,
COUPDAYBS
period to the settlement date
ToolPak
frequency,basis)
using the specified or default day
counting basis
Returns the number of days in the
Analysiscoupon period that contains the =COUPDAYS(settlement,maturity,
COUPDAYS
ToolPak settlent date using the specified or
frequency,basis)
default day counting basis
Returns the number of days from
Analysisthe settlement date to the next
=COUPDAYSNC(settlement,maturity,
COUPDAYSNC
ToolPak coupon date using the specified
frequency,basis)
or default day counting basis
Returns the next coupon date
Analysisafter the settlement date using the
COUPNCD
=COUPNCD(settlement,maturity,frequency,basis)
ToolPak specified or default day counting
basis
Returns the number of coupons
payable between the settlement
Analysis
COUPNUM
date and maturity date using the =COUPNUM(settlement,maturity,frequency,basis)
ToolPak
specified or default day counting
basis
Returns the previous coupon date
Analysisbefore the settlement date using
COUPPCD
=COUPPCD(settlement,maturity,frequency,basis)
ToolPak the specified or default day
counting basis
AnalysisReturns the cumulative interest =CUMIPMT(rate,nper,pv,start_period,end_period,
CUMIPMT
ToolPak paid between two periods
type)
Returns the cumulative principal
Analysis
=CUMPRINC(rate,nper,pv,start_period,end_period,
CUMPRINC
paid on a loan between two
ToolPak
type)
periods
Returns the depreciation of an
asset for a specified period, using
DB
Built In
=DB(cost,salvage,life,period,month)
the fixed declining balance
method
Returns the deoreciation of an
asset for a specified period, using
DDB
Built In the double-declining balance
=DDB(cost,salvage,life,period,factor)
method of some other method
that is specified
Returns the discount rate for a
Analysis
DISC
security using the specified or
=DISC(settlement,maturity,pr,redemption,basis)
ToolPak
default day counting basis
DOLLARDE
AnalysisConverts a dollar price
=DOLLARDE(fractional_dollar,fraction)
ToolPak (expressed as a fraction) into a
dollar price expressed as a
AMORLINC

decimal number
Converts a dollar price
Analysis(expressed as a decimal number)
DOLLARFR
=DOLLARFR(decimal_dollar,fraction)
ToolPak into a dollar price expressed as a
fraction
Returns the Macauley duration of
Analysisa security with periodic interest
=DURATION(settlement,maturity,coupon,yld,
DURATION
ToolPak payments using the specified or
frequency,basis)
default day counting basis
Returns the effective annual
Analysisinterest rate of a given nominal
EFFECT
=EFFECT(nominal_rate,npery)
ToolPak rate with its compounding
frequency
Returns the future value of an
FV
Built In
=FV(rate,nper,pmt,pv,type)
investment
Returns the future value of an
Analysis
FVSCHEDULE
initial principal after applying a
=FVSCHEDULE(principal,schedule)
ToolPak
series of compound interest rates
Returns the interest rate for a fully
Analysisinvested security using the
=INTRATE(settlement,maturity,investment,
INTRATE
ToolPak specified or default day counting
redemption,basis)
basis
Returns the amount of the interest
IPMT
Built In element in a payment for an
=IPMT(rate,per,nper,pv,fv,type)
investment for a given period
Returns the internal rate of return
IRR
Built In
=IRR(values,guess)
for a series of cash flows
Returns the interest associated
ISPMT
Built In
=ISPMT(rate,per,nper,pv)
with a specific loan payment
Returns the Macauley modified
duration for a security with an
Analysis
=MDURATION(settlement,maturity,coupon,yld,
MDURATION
assumed par value of $100 using
ToolPak
frequency,basis)
the specified or default day
counting basis
Returns the modified internal rate
of return based on different
MIRR
Built In
=MIRR(values,finance_rate,reinvest_rate)
finance and reinvestment rates for
negative and positive cash flows
Returns the nominal rate
equivalent to a given annual
Analysis
NOMINAL
effective with a given
=NOMINAL(effect_rate,npery)
ToolPak
compounding frequency for the
nominal rate
Returns the number of periods for
NPER
Built In
=NPER(rate, pmt, pv, fv, type)
an investment
Returns the net present value of
an investment based upon a
series of periodic cash flows and
NPV
Built In
=NPV(rate,value1,value2, ...)
a discount rate where the first
cash flow is received at the end of
the first period
Returns the price per $100 face
=ODDFPRICE(settlement,maturity,issue,
Analysisvalue of a security with an odd
ODDFPRICE
first_coupon,rate,yld,redemption,
ToolPak first period using the specified or
frequency,basis)
default day counting basis

ODDFYIELD

ODDLPRICE

ODDLYIELD
PMT
PPMT

PRICE

PRICEDISC

PRICEMAT

PV
RATE
RECEIVED

SLN

SYD
TBILLEQ
TBILLPRICE
TBILLYIELD
VDB
XIRR

Returns the yield of a security

=ODDFYIELD(settlement,maturity,issue,
Analysiswith an odd first period using the
first_coupon,rate,pr,redemption,
ToolPak specified or default day counting
frequency,basis)
basis
Returns the price per $100 face
Analysisvalue of a security with an odd
=ODDLPRICE(settlement,maturity,last_interest,
ToolPak last period using the specified or
rate,yld,redemption,frequency,basis)
default day counting basis
Returns the yield of a security
Analysiswith an odd last period using the =ODDLYIELD(settlement,maturity,last_interest,
ToolPak specified or default day counting
rate,pr,redemption,frequency,basis)
basis
Returns the periodic payment for
Built In
=PMT(rate,nper,pv,fv,type)
an annuity
Returns the amount of principal
Built In element in a payment for an
=PPMT(rate,per,nper,pv,fv,type)
investment for a given period
Returns the price per $100 face
value of a security that pays
Analysis
=PRICE(settlement,maturity,rate,yld,redemption,
periodic interest using the
ToolPak
frequency,basis)
specified or default day counting
basis
Returns the price per $100 face
Analysisvalue of a discounted security
=PRICEDISC(settlement,maturity,discount,
ToolPak using the specified or default day
redemption,basis)
counting basis
Returns the price per $100 face
value of a security that pays
Analysis
=PRICEMAT(settlement,maturity,issue,rate,
interest at maturity using the
ToolPak
yld,basis)
specified or default day counting
basis
Returns the present value of an
Built In
=PV(rate,nper,pmt,fv,type)
investment
Returns the interest rate per
Built In
=RATE(nper,pmt,pv,fv,type,guess)
period of an annuity
Returns the amount received at
Analysismaturity for a fully invested
=RECEIVED(settlement,maturity,investment,
ToolPak security using the specified or
discount,basis)
default day counting basis
Returns the straight-line
Built In depreciation of an asset for one =SLN(cost,salvage,life)
period.
Returns the sum of years' digits
Built In depreciation of an asset for a
=SYD(cost,salvage,life,per)
specified period
AnalysisReturns the bond-equivalent yield
=TBILLEQ(settlement,maturity,discount)
ToolPak for a treasury bill
AnalysisReturns the price per $100 face
=TBILLPRICE(settlement,maturity,discount)
ToolPak value for a Treasury bill
Analysis
Returns the yield for a treasury bill=TBILLYIELD(settlement,maturity,pr)
ToolPak
Returns the depreciation of an
asset for a specified or partial
=VDB(cost,salvage,life,start_period,end_period,
Built In
period using a variable declining
factor,no_switch)
balance method
AnalysisReturns the annual effective
=XIRR(values,dates,guess)
ToolPak interest rate for a schedule of
cash flows received at specified

dates

XNPV

YIELD

YIELDDISC

YIELDMAT

Returns the net present value for

Analysis
a schedule of cash flows received =XNPV(rate,values,dates)
ToolPak
at specified dates
Returns the yield on a security
Analysisthat pays periodic interest using =YIELD(settlement,maturity,rate,pr,redemption,
ToolPak the specified or default day
frequency,basis)
counting basis
Returns the annual yield for a
Analysisdiscounted security using the
=YIELDDISC(settlement,maturity,pr,redemption,
ToolPak specified or default day counting
basis)
basis.
Returns the annual yield of a
Analysissecurity that pays interest at
=YIELDMAT(settlement,maturity,issue,rate,pr,
ToolPak maturity using the specified or
basis)
default day counting basis

Financial Function Arguments

Argument
Basis
(For Securities
Functions)

Description

Cost

Cost of the asset

Coupon

The security's annual coupon rate

Date_purchased
Dates

Year basis to be used: 0 or omitted 360 (NASD); 1 = Actual; 2 = 365; 3 = 360 (European)

Date of purchase of the asset. Entered as an acceptable date in quotation marks or as a

serial number or function returning a date serial number
A schedule of payment dates that corresponds to the cash flow payments. The first
payment date indicates the beginning of the schedule of payments. All other dates must
be later than this date, but they may occur in any order

Decimal_dollar

A decimal number

Discount

The security's discount rate

Effect_rate

The effective interest rate

End_period

Last period number

Factor

The rate at which the balance declines. If factor is omitted, it is assumed to be 2 (the
double-declining balance method)

Finance_rate

The interest rate you pay on the money used in the cash flows

First_coupon

The security's first coupon date

First_Interest
First_period

A security's first interest date entered as an acceptable date in quotation marks or as a

serial number or function returning a date serial number
Date of the end of the first period. Entered as an acceptable date in quotation marks or
as a serial number or function returning a date serial number

Fraction

The integer to use in the denominator of the fraction

Fractional_dollar

A number expressed as a fraction

Frequency

The number of coupon payments per year for a security.

FV

Future Value

Guess

A number that you guess is close to the result of IRR

Investment

The amount invested in the security

Issue

A security's issue date entered as an acceptable date in quotation marks or as a serial

number or function returning a date serial number

Last_interest

The security's last coupon date

Life

The number of periods over which the asset is being depreciated (sometimes called the
useful life of the asset)

Maturity

The security's maturity date

Month (For DB function) The number of months in the first year. If month is omitted, it is assumed to be 12

No_switch

A logical value specifying whether to switch to straight-line depreciation when

depreciation is greater than the declining balance calculation.If TRUE, Excel does not
switch to straight-line depreciation even when the depreciation is greater than the
declining balance calculation. FALSE or omitted, Excel switches to straight-line
depreciation when depreciation is greater than the declining balance calculation

Nominal_rate

The nominal interest rate

Nper

The number of periods

Npery

The number of compounding periods per year

Par

A security's par value. (Default = $1,000)

Period

The number of the accounting period

Pmt

The payment made each period

Pr

The security's price per $100 face value

Principal

The present value

PV

The Present Value

Rate
(For amortization
functions)
Rate
(For Depreciation
Functions)

The interest rate per period

The rate of depreciation

Rate
(For NPV and XNPV)
Rate
(For Securities
Functions)

The discount rate

A security's annual coupon rate

Redemption

The security's redemption value per $100 face value

Reinvest_rate

The interest rate you receive on the cash flows as you reinvest them

Salvage

Salvage value at the end of the life of the asset

Schedule

An array of interest rates to apply

Settlement

A security's settlement date, which is the date after the issue date when the security is
traded to the buyer. Entered as an acceptable date in quotation marks or as a serial
number or function returning a date serial number

Start_period

First period number

Type (Amortization
functions)

0 = Payment in arrears; 1 = payment in advance

Value1

A numeric value

Value2,

Second of 1 to n possible values (n=30 for AVERAGEA; n=29 for CHOOSE, NPV)

An array or a reference to cells that contain numbers for which you want to calculate the
internal rate of return. Values must contain at least one positive value and one negative
Values (IRR and MIRR)
value to calculate the internal rate of return. If an array or reference argument contains
text, logical values, or empty cells, those values are ignored.
Values (XIRR and
XNPV)

A series of cash flows that corresponds to a schedule of payments in dates. The first
payment is optional and corresponds to a cost or payment that occurs at the beginning
of the investment. If the first value is a cost or payment, it must be a negative value. All
succeeding payments are discounted based on a 365-day year. The series of values
must contain at least one positive value and one negative value

Yld

The security's annual yield

Lookup & Reference Functions

Name
ADDRESS
AREAS
CHOOSE
COLUMN

SourceDescription
Creates a cell address as text based
Built In
on given row and column rumbers
Returns the number of areas in a
Built In
reference
Uses a specified index number to
Built In select one from up to 29 specified
values
Returns the column number of the cell
Built In
or a specified reference

Syntax
=ADDRESS(Row_num,Column_num,Abs_num,
A1,Sheet_text)
=AREAS(reference)
=CHOOSE(index_num,value1,value2,...)
=COLUMN(reference)

COLUMNS

Built In

HLOOKUP

Built In

HYPERLINK Built In

Returns the number of columns in an

array or reference
Looks in the top row of a table or array
and returns the value of the indicated
cell
Creates a shortcut that opens a
document on your hard drive, a server
or the internet
Alternative forms. Array form returns a
value or array of values. Reference
form returns a reference.
Returns a reference indicated by a
value provided as text

=COLUMNS(array)
=HLOOKUP(lookup_value,table_array,
row_index_num,range_lookup)
=HYPERLINK(link_location,friendly_name)
=INDEX(array,row_num,column_num)
=INDEX(reference,row_num,column_num,
area_num)

INDEX

Built In

INDIRECT

Built In

LOOKUP

Alternative forms. Vector form looks up

values in a one row or column range
and returns a value in a second one
=LOOKUP(lookup_value,lookup_vector,
row or column range. Array form looks
Built In
result_vector)
in the first row or column of an array for
=LOOKUP(lookup_value,array)
the specified value and returns a value
from the same position in the last row
or column of the array

MATCH

Returns the relative position of an item

=MATCH(lookup_value,lookup_array,
Built In in an array that matches a specified
match_type)
value in a specified order

OFFSET

Returns a reference to a range that is a

Built In specified number of rows and columns =OFFSET(reference,rows,cols,height,width)
from a cell or range of cells

ROW

Built In Returns the row number of a reference =ROW(reference)

=INDIRECT(ref_text,a1)

Returns the number of rows in a

=ROWS(array)
reference
Retrieves real-time data from a
RTD
Built In program that supports COM
=RTD(ProgID,server,topic1,[topic2],...)
automation
Transposes vertical or horizontal
TRANSPOSEBuilt In arrays. Entered as an array formula in =TRANSPOSE(array)
same number of cells as array.
ROWS

Built In

VLOOKUP

Locates a specified value in the

leftmost column of a specified table,
=VLOOKUP(lookup_value,table_array,
Built In
and returns the value in the same row
col_index_num,range_lookup)
from a specified column in the table

Lookup & Reference Function Arguments

Argument

Description

A1

A logical value that specifies the A1 (TRUE) or R1C1 (FALSE) reference style

Abs_num

The type of reference to return:

1 = Absolute; 2 = Abs Row / Rel Col; 3 = Rel Row / Abs Col; 4 = Relative

Area_num

Selects a range in reference from which to return the intersection of row_num and column_num

Array

An array or array formula, or a reference to a range of cells

Col_index_num

The column number in table_array from which the matching value must be returned

Cols

The number of columns, to the left (-) or right (+), that you want the upper-left cell of the result to
refer to

Column_num

Column number

Friendly_name

The jump text or numeric value that is displayed in the cell

Height
Index_num

The height, in number of rows, that you want the returned reference to be. Height must be a
positive number
Specifies which value argument is selected. Index_num must be a number between 1 and 29,
or a formula or reference to a cell containing a number between 1 and 29

Link_location

The path and file name to the document to be opened as text

Lookup_array

A contiguous range of cells containing possible lookup values. Lookup_array must be an array
or an array reference

Lookup_value

The value to be found

Lookup_vector

A range that contains only one row or one column. The values in lookup_vector can be text,
numbers, or logical values

Match_type

The number -1, 0, or 1. Match_type specifies how Microsoft Excel matches lookup_value with
values in lookup_array:
1 = (default) largest value less than or equal to look_up value; 0 = first value to exactly equal
lookup value
-1 = smallest value greater than or equal to look_value

ProgID
Range_lookup

The name of the ProgID of a registered COM automation add-in that has been installed on the
local computer. Enclose the name in quotation marks
A logical value that specifies whether you want to find an exact match or an approximate match.
If TRUE = approximate match is returned FALSE = Exact

Ref_text

Refers to another workbook (an external reference),

Reference

Reference to a cell or range of cells and can refer to multiple areas. If you want to specify
several references as a single argument, then you must include extra sets of parentheses so
that Microsoft Excel will not interpret the comma as a field separator

Result_vector

A range that contains only one row or column. It must be the same size as lookup_vector

Row_index_num

The row number in table_array from which the matching value will be returned

Row_num

Row number

Rows

The number of rows, up (-) or down (+), that you want the upper-left cell to refer to

Server
Sheet_text

Name of the server where the add-in should be run. If there is no server, and the program is run
locally, leave the argument blank. Otherwise, enter quotation marks ("") around the server name
Text specifying the name of the worksheet to be used as the external reference. If sheet_text is
omitted, no sheet name is used

Table_array

A table of information in which data is looked up

Topic1

First of up to 28 parameters that together represent a unique piece of real-time data

Topic2,

Second of up to 28 parameters that together represent a unique piece of real-time data

Value1

A numeric value

Value2,

Second of 1 to n possible values (n=30 for AVERAGEA; n=29 for CHOOSE, NPV)

Width

The width, in number of columns, that you want the returned reference to be. Width must be a
positive number

Logical Functions

Name SourceDescription
Returns TRUE if all its arguments are
AND Built In
TRUE

Syntax

FALSEBuilt In Returns the logical value FALSE

=FALSE()

=AND(Logical1,Logical2,)

IF

Returns one value specified condition

Built In evaluates to TRUE and another value if it
evaluates to FALSE

=IF(logical_test,value_if_true,value_if_false)

NOT

Built In Reverses the logic of its argument

=NOT(Logical)

OR

Built In ReturnsTRUE if any argument is TRUE

=OR(logical1,logical2,...)

TRUE Built In Returns the logical value TRUE

=TRUE()

Logical Function Arguments

Argument

Description

Logical

A value or expression that can be evaluated to TRUE or FALSE

Logical_test

Any value or expression that can be evaluated to TRUE or FALSE

Logical1

Condition to be tested. Argument must evaluate to a logical value or be arrays or references that
contain logical values

Logical2,

Second of up to 30 conditions you want to test that can be either TRUE or FALSE

Value_if_false The value that is returned if logical_test is FALSE

Value_if_true The value that is returned if logical_test is TRUE

Date & Time Functions

Name

Source Description
Returns the sequential
Excel date / time serial
DATE
Built In
number that represents a
particular date
Calculates differences
Analysisbetween two dates in
DATEDIF*
ToolPak terms of specified units
and assumptions
Converts a date text form
DATEVALUE
Built In to an Excel date / time
serial number
Converts an Excel date /
DAY
Built In time serial number to the
day of a month
Calculates the number of
days between two dates
DAYS360
Built In using a specified 30 day
month 360 day year
method
Returns the Excel date /
time serial number of the
date that is the indicated
Analysis
EDATE
number of months before
ToolPak
or after the specified
number of months from
the start_date
Returns the Excel date /
time serial number of the
Analysislast day of the month
EOMONTH
ToolPak before or after a specified
number of months from
start_date
Converts an Excel date /
HOUR
Built In time serial number to an
hour
Converts an Excel date /
MINUTE
Built In time serial number to a
minute
Converts an Excel date /
MONTH
Built In time serial number to a
month number
Returns the number of
whole working days
Analysis
NETWORKDAYS
between two dates
ToolPak
excluding specified
holidays
Returns the Excel date /
NOW
Built In time serial number of the
current date and time
Converts an Excel date /
SECOND
Built In time serial number to a
second
Returns the decimal
portion of an Excel date /
TIME
Built In
time serial number for a
particular time

Syntax
=DATE(year,month,day)

=DATEDIF(start_date,end_date,unit)

=DATEVALUE(date_text)
=DAY(serial_number)

=DAYS360(start_date,end_date,method)

=EDATE(start_date,months)

=EOMONTH(start_date,months)

=HOUR(serial_number)
=MINUTE(serial_number)
=MONTH(serial_number)

=NETWORKDAYS(start_date,end_date,holidays)

=NOW()
=SECOND(serial_number)

=TIME(hour,minute,second)

TIMEVALUE

TODAY

WEEKDAY

WEEKNUM

WORKDAY

YEAR

YEARFRAC

Notes:

Converts the time in an

acceptable form of text
enclosed in quotation
Built In
=TIMEVALUE(time_text)
marks to the decimal
portion of an Excel date /
time serial number
Returns the Excel date /
Built In time serial number of
=TODAY()
today's date
Converts an Excel date /
time serial number to the
number of the day of the
Built In
=WEEKDAY(serial_number,return_type)
week based upon
counting system of
return_type
Returns the weeknumber
Analysis
in the year based upon
=WEEKNUM(serial_num,return_type)
ToolPak
return_type counting basis
Returns the Excel date /
time serial number of the
Analysisdate before or after a
=WORKDAY(start_date,days,holidays)
ToolPak specified number of
workdays excluding
holidays
Converts an Excel date /
Built In time serial number to a
=YEAR(serial_number)
year
Returns the difference
between start_date and
Analysis
end_date expressed as a =YEARFRAC(start_date,end_date,basis)
ToolPak
number of years including
decimal fraction of a year.
* See Appendix 2. DATEDIF really does exist! It is an Excel built in function. It doesn't appear in the
listings in the function wizard and the only documentation reference is in the Help files for Excel
2000.

Date and Time Function Arguments

Argument

Description
The type of day count basis to use: 0 or omitted = US(NASD) 30/360
Basis
1 = Actual / Actual 2 = Actual / 360
(For Securities Functions)
3 = Actual / 365
4 = European 30/360
A date enclosed in quotation marks that is in a date text form acceptable to Excel. Note
Date_text
that acceptable date forms vary with system and Excel settings.
A number representing the day of the month. If day is greater than the number of days in
Day
the month specified, day aggregates the month and year arguments appropriately and day
represents the balance after this aggregation
The number of nonweekend and nonholiday days before or after start_date. A positive
Days
value for days yields a future date; a negative value yields a past date
End_date

The last date as an acceptable date in inverted commas or as a serial number

Holidays
Hour
Method

An optional range of one or more dates to exclude from the working calendar. The list can
be either a range of cells that contains the dates or an array constant of the serial
numbers that represent the dates
A number from 0 to 32767 representing the hour. Any value greater than 23 will be divided
by 24 and the remainder will be treated as the hour value
FALSE or omitted = US (NASD) 30/360 method; TRUE = European 30/360 method

Month
(For DATE function)

A number from 0 to 32767 representing the minute. Any value greater than 59 will be
converted to hours and minutes
A number representing the month of the year. If month is greater than 12, month adds that
number of months to the first month in the year specified

Months

The number of months before or after start_date

Return_type
(WEEKDAY only)
Return_type
(WEEKNUM only)

A number that determines the type of return value: 1 (or omitted) 1 = Sunday; 2 = 1 =
Monday; 3 = 0 = Monday
A number that determines on which day the week begins; 1 (or omitted) = starts Sunday
nums 1 to 7; 2 = starts Monday nums 1 to 7
A number from 0 to 32767 representing the second. Any value greater than 59 will be
converted to hours, minutes, and seconds
A date / time serial number. Dates should be entered by using the DATE function, or as
results of other formulas or functions
An Excel date / time serial number. Dates should be entered by using the DATE function,
or as results of other formulas or functions. The Excel date serial number varies according
to setting of 1900 or 1904 date system in Tools > Options > Calculation.

Minute

Second
Serial_num
Serial_Number
Start_date
Time_text
Unit
Year

The first date as an acceptable date in inverted commas or as a serial number

A text string enclosed in quotation marks that represents a time in any one of the Excel
time formats
"y" = years; "m" = months; "d" = days; "md" = days ignoring months and years; "ym" =
years and months; "yd" = years and days
The year number as one to four digits