Financial functions (reference)

Function Description
ACCRINT function Returns the accrued interest for a security that pays periodic interest
ACCRINTM Returns the accrued interest for a security that pays interest at
function maturity
AMORDEGRC Returns the depreciation for each accounting period by using a
function depreciation coefficient
AMORLINC Returns the depreciation for each accounting period
function
COUPDAYBS Returns the number of days from the beginning of the coupon
function period to the settlement date
COUPDAYS Returns the number of days in the coupon period that contains the
function settlement date
COUPDAYSNC Returns the number of days from the settlement date to the next
function coupon date
COUPNCD Returns the next coupon date after the settlement date
function
COUPNUM Returns the number of coupons payable between the settlement
function date and maturity date
COUPPCD Returns the previous coupon date before the settlement date
function
CUMIPMT Returns the cumulative interest paid between two periods
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Function Description
function
CUMPRINC Returns the cumulative principal paid on a loan between two periods
function
DB function Returns the depreciation of an asset for a specified period by using
the fixed-declining balance method
DDB function Returns the depreciation of an asset for a specified period by using
the double-declining balance method or some other method that
you specify
DISC function Returns the discount rate for a security
DOLLARDE Converts a dollar price, expressed as a fraction, into a dollar price,
function expressed as a decimal number
DOLLARFR Converts a dollar price, expressed as a decimal number, into a dollar
function price, expressed as a fraction
DURATION Returns the annual duration of a security with periodic interest
function payments
EFFECT function Returns the effective annual interest rate
FV function Returns the future value of an investment
FVSCHEDULE Returns the future value of an initial principal after applying a series
function of compound interest rates
INTRATE function Returns the interest rate for a fully invested security
IPMT function Returns the interest payment for an investment for a given period
IRR function Returns the internal rate of return for a series of cash flows
ISPMT function Calculates the interest paid during a specific period of an investment
MDURATION Returns the Macauley modified duration for a security with an
function assumed par value of $100

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Function Description
MIRR function Returns the internal rate of return where positive and negative cash
flows are financed at different rates
NOMINAL Returns the annual nominal interest rate
function
NPER function Returns the number of periods for an investment
NPV function Returns the net present value of an investment based on a series of
periodic cash flows and a discount rate
ODDFPRICE Returns the price per $100 face value of a security with an odd first
function period
ODDFYIELD Returns the yield of a security with an odd first period
function
ODDLPRICE Returns the price per $100 face value of a security with an odd last
function period
ODDLYIELD Returns the yield of a security with an odd last period
function
PDURATION Returns the number of periods required by an investment to reach a
function specified value

PMT function Returns the periodic payment for an annuity

PPMT function Returns the payment on the principal for an investment for a given
period
PRICE function Returns the price per $100 face value of a security that pays periodic
interest
PRICEDISC Returns the price per $100 face value of a discounted security
function
PRICEMAT Returns the price per $100 face value of a security that pays interest
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Function Description
function at maturity
PV function Returns the present value of an investment
RATE function Returns the interest rate per period of an annuity
RECEIVED Returns the amount received at maturity for a fully invested security
function
RRI function Returns an equivalent interest rate for the growth of an investment

SLN function Returns the straight-line depreciation of an asset for one period
SYD function Returns the sum-of-years' digits depreciation of an asset for a
specified period
TBILLEQ function Returns the bond-equivalent yield for a Treasury bill
TBILLPRICE Returns the price per $100 face value for a Treasury bill
function
TBILLYIELD Returns the yield for a Treasury bill
function
VDB function Returns the depreciation of an asset for a specified or partial period
by using a declining balance method
XIRR function Returns the internal rate of return for a schedule of cash flows that is
not necessarily periodic
XNPV function Returns the net present value for a schedule of cash flows that is not
necessarily periodic
YIELD function Returns the yield on a security that pays periodic interest
YIELDDISC Returns the annual yield for a discounted security; for example, a
function Treasury bill
YIELDMAT Returns the annual yield of a security that pays interest at maturity

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 Function Description
function

ACCRINT function
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This article describes the formula syntax and usage of the ACCRINT function in

Microsoft Excel.

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

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

The ACCRINT function syntax has the following arguments:

 Issue    Required. The security's issue date.

 First_interest    Required. The security's first interest date.
 Settlement    Required. 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    Required. The security's annual coupon rate.
 Par    Required. The security's par value. If you omit par, ACCRINT uses $1,000.
 Frequency    Required. The number of coupon payments per year. For annual
payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency
= 4.
 Basis    Optional. The type of day count basis to use.

Basis Day count basis

0 or omitted US (NASD) 30/360
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Basis Day count basis
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

 Calc_method    Optional. A logical value that specifies the way to calculate the

total accrued interest when the date of settlement is later than the date of
first_interest. A value of TRUE (1) returns the total accrued interest from issue to
settlement. A value of FALSE (0) returns the accrued interest from first_interest to
settlement. If you do not enter the argument, it defaults to TRUE.

Remarks
 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.
 Issue, first_interest, settlement, frequency, and basis are truncated to integers.

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 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 quasi-coupon period within odd period.

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Example
Copy the example data in the following table, and paste it in cell A1 of a new Excel
worksheet. For formulas to show results, select them, press F2, and then press Enter. If
you need to, you can adjust the column widths to see all the data.

Data Descripti
on
39508 Issue date

39691 First
interest
date
39569 Settlemen
t date
0.1 Coupon
rate
1000 Par value

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Data Descripti
on
2 Frequenc
y is
semiannu
al (see
above)
0 30/360
basis (see
above)
Formula Descripti Result
on
=ACCRINT(A2,A3,A4,A5,A6,A7,A8) Accrued 16.6666
interest 67
for a
treasury
bond with
the terms
above.
10 / 21
Data Descripti
on
=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A Accrued 15.5555
8,FALSE) interest 56
with the
terms
above,
except
the issue
date is
March 5,
2008.
=ACCRINT(DATE(2008, 4, 5), A3, A4, A5, A6, Accrued 7.22222
A7, A8, TRUE) interest 22
with the
terms
above,
except
the issue
date is
11 / 21
Data Descripti
on
April 5,
2008, and
the
accrued
interest is
calculated
from the
first_inter
est to
settlemen
t.

ACCRINTM function
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Excel for Microsoft 365 Excel for Microsoft 365 for Mac Excel for the web  Excel 2021  More...

This article describes the formula syntax and usage of the ACCRINTM function in

Microsoft Excel.

Description
Returns the accrued interest for a security that pays interest at maturity.

Syntax
ACCRINTM(issue, settlement, rate, par, [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.

The ACCRINTM function syntax has the following arguments:

 Issue    Required. The security's issue date.

 Settlement    Required. The security's maturity date.
 Rate    Required. The security's annual coupon rate.
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  Par    Required. The security's par value. If you omit par, ACCRINTM uses $1,000.
 Basis    Optional. The type of day count basis to use.

Basis Day count basis

0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Remarks
 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.
 Issue, settlement, and basis are truncated to integers.
 If issue or settlement is not a valid date, ACCRINTM returns the #VALUE! error
value.
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  If rate ≤ 0 or if par ≤ 0, ACCRINTM returns the #NUM! error value.
 If basis < 0 or if basis > 4, ACCRINTM returns the #NUM! error value.
 If issue ≥ settlement, ACCRINTM returns the #NUM! error value.
 ACCRINTM is calculated as follows:

ACCRINTM = par x rate x A/D

where:

 A = Number of accrued days counted according to a monthly basis. For

interest at maturity items, the number of days from the issue date to the
maturity date is used.
 D = Annual Year Basis.

Example
Copy the example data in the following table, and paste it in cell A1 of a new Excel
worksheet. For formulas to show results, select them, press F2, and then press Enter. If
you need to, you can adjust the column widths to see all the data.

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Data Description

39539 Issue date

39614 Maturity date

0.1 Percent coupon

1000 Par value

3 Actual/365 basis (see

above)
Formula Description Result
=ACCRINTM(A2,A3,A4,A5,A6) The accrued interest 20.54794521
for the terms above.

AMORDEGRC function
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Important: Because of changes to the depreciation methodology of the French accounting system, this function is deprecated and should no longer be
used. It is included for compatibility of old workbooks only.

This article describes the formula syntax and usage of the AMORDEGRC function in

Microsoft Excel.

Description
Returns the depreciation for each accounting period. This function is provided for the
French accounting system. If an asset is purchased in the middle of the accounting
period, the prorated depreciation is taken into account. The function is similar to
AMORLINC, except that a depreciation coefficient is applied in the calculation
depending on the life of the assets.

Syntax
AMORDEGRC(cost, date_purchased, first_period, salvage, period, rate, [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.
17 / 21
The AMORDEGRC function syntax has the following arguments:

 Cost    Required. The cost of the asset.

 Date_purchased    Required. The date of the purchase of the asset.
 First_period    Required. The date of the end of the first period.
 Salvage    Required. The salvage value at the end of the life of the asset.
 Period    Required. The period.
 Rate    Required. The rate of depreciation.
 Basis    Optional. The year basis to be used.

Basis Date system

0 or omitted 360 days (NASD method)
1 Actual
3 365 days in a year
4 360 days in a year (European method)

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Remarks
 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.
 This function will return the depreciation until the last period of the life of the
assets or until the cumulated value of depreciation is greater than the cost of the
assets minus the salvage value.
 The depreciation coefficients are:

Life of assets (1/rate) Depreciation coefficient

Between 3 and 4 years 1.5
Between 5 and 6 years 2
More than 6 years 2.5

 The depreciation rate will grow to 50 percent for the period preceding the last
period and will grow to 100 percent for the last period.
 If the life of assets is between 0 (zero) and 1, 1 and 2, 2 and 3, or 4 and 5, the
#NUM! error value is returned.

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Example
Copy the example data in the following table, and paste it in cell A1 of a new Excel
worksheet. For formulas to show results, select them, press F2, and then press Enter. If
you need to, you can adjust the column widths to see all the data.

Data Description

2400 Cost

39679 Date purchased

39813 End of the first

period
300 Salvage value

1 Period

0.15 Depreciation rate

1 Actual basis (see

above)
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Data Description

Formula Description Result

=AMORDEGRC(A2,A3,A4,A5,A6,A7,A8) First period 776
depreciation

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