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.
- On the Tools menu, click Add-Ins.
- In the Add-Ins available list, select the Analysis ToolPak box, and then click OK.
- If necessary, follow the instructions in the setup program.
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.
||Day count basis
|0 or omitted
||US (NASD) 30/360
- 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:
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.
The example may be easier to understand if you copy it to a blank worksheet.
How to copy an example
- Create a blank workbook or worksheet.
- Select the example in the Help topic.
Note Do not select the row or column headers.
Selecting an example from Help
- Press CTRL+C.
- In the worksheet, select cell A1, and press CTRL+V.
- 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.
|March 1, 2008
|August 31, 2008
||First interest date
|May 1, 2008
||Frequency is semiannual (see above)
||30/360 basis (see above)
||Accrued interest for a treasury bond with the terms above (16.66666667)
||Accrued interest with the terms above, except the issue date is March 5, 2008. (15.55555556)