Difference between revisions of "Documentation/How Tos/Calc: DISC function"

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== DISC ==
 
== DISC ==
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Returns the discount rate of a bond.
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Returns the discount rate of a security.
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This function is only available if the '''Analysis AddIn''' is installed.
  
 
=== Syntax: ===
 
=== Syntax: ===
 
<tt>'''DISC(settlementdate; maturitydate; price; redemptionvalue; basis)'''</tt>
 
<tt>'''DISC(settlementdate; maturitydate; price; redemptionvalue; basis)'''</tt>
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: <tt>'''settlementdate'''</tt>: the settlement (purchase) date of the bond.
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: <tt>'''settlementdate'''</tt>: the settlement (purchase) date of the security.
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: <tt>'''maturitydate'''</tt>: the maturity (redemption) date of the bond.
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: <tt>'''maturitydate'''</tt>: the maturity (redemption) date of the security.
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: <tt>'''price'''</tt>:  the price of the bond.
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: <tt>'''price'''</tt>:  the price of the security.
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: <tt>'''redemptionvalue'''</tt>: the redemption value of the bond.
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: <tt>'''redemptionvalue'''</tt>: the redemption value of the security.
 
: <tt>'''basis'''</tt>: is the calendar system to use. Defaults to <tt>'''0'''</tt> if omitted.
 
: <tt>'''basis'''</tt>: is the calendar system to use. Defaults to <tt>'''0'''</tt> if omitted.
 
:: 0 - US method (NASD), 12 months of 30 days each
 
:: 0 - US method (NASD), 12 months of 30 days each
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: returns approximately <tt>'''0.072'''</tt>, a discount rate of around 7.2%.
 
: returns approximately <tt>'''0.072'''</tt>, a discount rate of around 7.2%.
  
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=== See also: ===
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=== Issues: ===
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[[Documentation/How_Tos/Calc: YIELDDISC function|'''YIELDDISC''']],
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* Calc follows Excel's apparent use of <tt>'''YEARFRAC'''</tt> in calculating <tt>'''DISC'''</tt>. Both Excel and Calc calculate <tt>'''YEARFRAC'''</tt> incorrectly in certain circumstances, and these (small) errors are propagated to <tt>'''DISC'''</tt>.
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[[Documentation/How_Tos/Calc: YIELD function|'''YIELD''']],
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[[Documentation/How_Tos/Calc: PRICE function|'''PRICE''']],
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[[Documentation/How_Tos/Calc: PRICEDISC function|'''PRICEDISC''']],
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[[Documentation/How_Tos/Calc: PRICEMAT function|'''PRICEMAT''']]
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[[Documentation/How_Tos/Calc: YEARFRAC function|'''YEARFRAC''']]
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{{SeeAlso|EN|
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* [[Documentation/How_Tos/Calc: PRICE function|PRICE]]
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* [[Documentation/How_Tos/Calc: PRICEDISC function|PRICEDISC]]
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* [[Documentation/How_Tos/Calc: PRICEMAT function|PRICEMAT]]
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* [[Documentation/How_Tos/Calc: YIELD function|YIELD]]
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* [[Documentation/How_Tos/Calc: YIELDDISC function|YIELDDISC]]
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* [[Documentation/How_Tos/Calc: YIELDMAT function|YIELDMAT]]
  
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[[Documentation/How_Tos/Calc: Date & Time functions#Financial date systems|'''Financial date systems''']]
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* [[Documentation/How_Tos/Calc: YEARFRAC function|YEARFRAC]]
  
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[[Documentation/How_Tos/Calc: Financial functions|'''Financial functions''']]
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* [[Documentation/How_Tos/Calc: Date & Time functions#Financial date systems|Financial date systems]]
  
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=== Issues: ===
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* [[Documentation/How_Tos/Calc: Financial functions|Financial functions]]
−
* Calc follows Excel's apparent use of <tt>'''YEARFRAC'''</tt> in calculating <tt>'''DISC'''</tt>. Both Excel and Calc calculate <tt>'''YEARFRAC'''</tt> incorrectly in certain circumstances, and these errors are propagated to <tt>'''DISC'''</tt>.
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* [[Documentation/How_Tos/Calc: Functions listed alphabetically|Functions listed alphabetically]]
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* [[Documentation/How_Tos/Calc: Functions listed by category|Functions listed by category]]}}
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[[Category: Documentation/Reference/Calc/Financial functions]]

Latest revision as of 10:49, 31 January 2024

DISC

Returns the discount rate of a security.

This function is only available if the Analysis AddIn is installed.

Syntax:

DISC(settlementdate; maturitydate; price; redemptionvalue; basis)

settlementdate: the settlement (purchase) date of the security.
maturitydate: the maturity (redemption) date of the security.
price: the price of the security.
redemptionvalue: the redemption value of the security.
basis: is the calendar system to use. Defaults to 0 if omitted.
0 - US method (NASD), 12 months of 30 days each
1 - Actual number of days in months, actual number of days in year
2 - Actual number of days in month, year has 360 days
3 - Actual number of days in month, year has 365 days
4 - European method, 12 months of 30 days each


DISC calculates the discount rate using this formula:
(redemptionvalue - price) / (redemptionvalue * YEARFRAC(settlementdate; maturitydate; basis))

Example:

DISC("2007-12-21"; "2008-02-15"; 98.9; 100; 1)

returns approximately 0.072, a discount rate of around 7.2%.

Issues:

  • Calc follows Excel's apparent use of YEARFRAC in calculating DISC. Both Excel and Calc calculate YEARFRAC incorrectly in certain circumstances, and these (small) errors are propagated to DISC.


See Also
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