PRICE

Excel Functions

Get price per $100 face value - periodic interest

Syntax

EXCEL

=PRICE(sd, md, rate, yld, redemption, frequency, [basis])

Arguments

Parameter	Description
`sd`	Settlement date of the security.
`md`	Maturity date of the security.
`rate`	Annual coupon rate.
`yld`	Annual required rate of return.
`redemption`	Redemption value per $100 face value.
`frequency`	Coupon payments per year (annual = 1, semiannual = 2; quarterly = 4.
`basis`	[optional] Day count basis (see below, default =0).

Return Value

Bond price

Details

The Excel PRICE function returns the price per $100 face value of a security that pays periodic interest. For example, the PRICE function can be used to determine the "clean price" of a bond (also known as the quoted price), which is the price of the bond excluding accrued interest. In the example shown, the formula in F5 is: with these inputs, the PRICE function returns 97.56, which indicates the value of the bond is 97.56% of the face value. To get the actual dollar value, the formula in F6 is: In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. If you want to enter valid dates directly inside a function, the DATE function is the best approach. The basis argument controls how days are counted. The PRICE func

Examples

Example 1

In the example shown, the formula in F5 is:

EXCEL

=PRICE(C9,C10,C7,C8,C6,C12,C13)

Example 2

with these inputs, the PRICE function returns 97.56, which indicates the value of the bond is 97.56% of the face value. To get the actual dollar value

EXCEL

=F5/100*C5

PRICE

Syntax

Arguments

Return Value

Details

Examples

See Also