Documentation/How Tos/Calc: RECEIVED function
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RECEIVED
Calculates the amount received at maturity for a zero coupon bond.
Syntax:
RECEIVED(settlementdate; maturitydate; purchasevalue; discountrate; basis)
- settlementdate: the settlement (purchase) date of the bond.
- maturitydate: the maturity (redemption) date of the bond.
- purchasevalue: the value of the bond at purchase.
- discountrate: the discount rate of the bond.
- 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
- RECEIVED calculates the amount returned at maturity for a discounted bond which pays no interest. It returns:
- purchasevalue / ( 1 - days_difference/days_in_year),
- where days_difference is the number of days between settlementdate and maturitydate, and days_in_year is the number of days in a year, both calculated according to the calendar system basis.
- As the formula takes no account of compounding, this function is most reliable for periods of less than a year. See Derivation of Financial Formulas for a formula review.
Example:
RECEIVED("2009-06-01"; "2009-12-31"; 10000; 5%; 1)
- returns approximately 10300.5503.
Issues:
- Calc and Excel do not agree on the number of days in a year in basis 1. It is not clear which is theoretically correct. Calc uses the number of days in the year containing settlementdate. See Issue 93527! Excel is de facto standard. ODF-Definition: Open Document Format for Office – Applications (OpenDocument) Version 1.2 Part 2: 6.12.43 RECEIVED
- Excel appears to have a bug for basis 4.
See Also