DISC function

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Returns the discount rate of a security.

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


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))


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

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


  • 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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