Financial - ACCRINT Function

Description

The ACCRINT function returns the accrued interest for a security that pays periodic interest.

ACCRINT (issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])

Argument	Description	Required/ Optional
Issue	The security's issue date.	Required
First_interest	The security's first interest date.	Required
Settlement	The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.	Required
Rate	The security's annual coupon rate.	Required
Par	The security's par value. If you omit par, ACCRINT uses $1,000.	Required
Frequency	The number of coupon payments per year − for annual payments, frequency = 1 for semiannual, frequency = 2 for quarterly, frequency = 4	Required
Basis	The type of day count basis to use. Look at the Day Count Basis Table given below.	Optional
Calc_method	A logical value that specifies the way to calculate the total accrued interest when the date of settlement is later than the date of first_interest. A value of TRUE (1) returns the total accrued interest from issue to settlement. A value of FALSE (0) returns the accrued interest from first_interest to settlement. If you do not enter the argument, it defaults to TRUE.	Optional

ACCRINT is calculated as follows −

$$ACCRINT = par \times \frac{rate}{frequency} \times\sum_{i=1}^{N_c}\frac{A_i}{NL_i}$$

Where,

A_i = number of accrued days for the ith quasi-coupon period within odd period.

N_C = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number

NL_i = normal length in days of the quasi-coupon period within odd period
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 23^rd day of May, 2008. Problems can occur if dates are entered as text.
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.
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 any of the specified values is non-numeric, 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.

Excel 2007, Excel 2010, Excel 2013, Excel 2016

advanced_excel_financial_functions.htm