ACCRINT

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.

ShowHow?

  1. On the Tools menu, click Add-Ins.
  2. In the Add-Ins available list, select the Analysis ToolPak box, and then click OK.
  3. If necessary, follow the instructions in the setup program.

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.

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. 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:

Equation

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.

ShowHow to copy an example

  1. Create a blank workbook or worksheet.
  2. Select the example in the Help topic.

 Note   Do not select the row or column headers.

Selecting an example from Help

Selecting an example from Help
  1. Press CTRL+C.
  2. In the worksheet, select cell A1, and press CTRL+V.
  3. To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.
 
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A B
Data Description
March 1, 2008 Issue date
August 31, 2008 First interest date
May 1, 2008 Settlement date
10.0% Coupon rate
1,000 Par value
2 Frequency is semiannual (see above)
0 30/360 basis (see above)
Formula Description (Result)
=ACCRINT(A2,A3,A4,A5,A6,A7,A8) Accrued interest for a treasury bond with the terms above (16.66666667)
=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A8) Accrued interest with the terms above, except the issue date is March 5, 2008. (15.55555556)
 
 
Applies to:
Excel 2003