The RECEIVED function returns the maturity value for a security that pays interest only at maturity.
RECEIVED(settle, maturity, invest-amount, annual-rate, days-basis)
settle: A date/time value or date string representing the trade settlement date, usually one or more days after the trade date.
maturity: A date/time value or date string representing the date when the security matures. maturity must be after the date specified for settle.
invest-amount: A number value representing the amount invested in the security. invest-amount is often formatted as currency and must be greater than or equal to 0.
annual-rate: A number value representing the annual coupon rate or stated annual interest rate of the security used to determine periodic interest payments. annual-rate must be greater than 0, and is entered as a decimal (for example, 0.08) or with a percent sign (for example, 8%).
days-basis: An optional modal value specifying the number of days per month and days per year (days-basis convention) used in the calculations.
30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD method for dates falling on the 31st of a month.
actual/actual (1): Actual days in each month, actual days in each year.
actual/360 (2): Actual days in each month, 360 days in a year.
actual/365 (3): Actual days in each month, 365 days in a year.
30E/360 (4): 30 days in a month, 360 days in a year, using the European method for dates falling on the 31st of a month.
Example |
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Suppose you own a hypothetical security. The security, which pays interest only at maturity, was originally issued at $1000 (invest-amount) on December 14, 2008 (settle), matures on June 30, 2015 (maturity), and has a nominal interest or discount rate (annual-rate) of 6.5%, calculated on a 30/360 days basis. =RECEIVED(“12/14/2008”, “06/30/2015”, 1000, 0.065, 0) returns approximately 1,740.30745431693, the amount to be received at maturity, including both principal and interest. |