This article describes the formula syntax and usage of the RECEIVED function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.

## Description

Returns the amount received at maturity for a fully invested security.

## Syntax

`RECEIVED(settlement, maturity, investment, discount, [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 RECEIVED function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):

• 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.
• Maturity    Required. The security's maturity date. The maturity date is the date when the security expires.
• Investment    Required. The amount invested in the security.
• Discount    Required. The security's discount rate.
• 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.
• The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
• Settlement, maturity, and basis are truncated to integers.
• If settlement or maturity is not a valid date, RECEIVED returns the #VALUE! error value.
• If investment ≤ 0 or if discount ≤ 0, RECEIVED returns the #NUM! error value.
• If basis < 0 or if basis > 4, RECEIVED returns the #NUM! error value.
• If settlement ≥ maturity, RECEIVED returns the #NUM! error value.
• RECEIVED is calculated as follows:

where:

• B = number of days in a year, depending on the year basis.
• DIM = number of days from issue to maturity.

## Example

The example may be easier to understand if you copy it to a blank worksheet.

1. Select the example in this article. If you are copying the example in Excel Web App, copy and paste one cell at a time.Important Do not select the row or column headers.

Selecting an example from Help

1. Press CTRL+C.
2. Create a blank workbook or worksheet.
3. In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Web App, repeat copying and pasting for each cell in the example.

Important For the example to work properly, you must paste it into cell A1 of the worksheet.

1. 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.

After you copy the example to a blank worksheet, you can adapt it to suit your needs.

A B
Data Description
February 15, 2008 Settlement (issue) date
May 15, 2008 Maturity date
1,000,000 Investment
5.75% Percent discount rate
2 Actual/360 basis (see above)
Formula Description (Result)
=RECEIVED(A2,A3,A4,A5,A6) The total amount to be received at maturity, for the bond with the terms above (1014584.654)

Applies to:
Excel 2010, Excel Web App, SharePoint Online for enterprises, SharePoint Online for professionals and small businesses