WorksheetFunction.Price Method
Definition
Important
Some information relates to prerelease product that may be substantially modified before it’s released. Microsoft makes no warranties, express or implied, with respect to the information provided here.
Returns the price per $100 face value of a security that pays periodic interest.
public double Price (object Arg1, object Arg2, object Arg3, object Arg4, object Arg5, object Arg6, object Arg7);Public Function Price (Arg1 As Object, Arg2 As Object, Arg3 As Object, Arg4 As Object, Arg5 As Object, Arg6 As Object, Optional Arg7 As Object) As DoubleParameters
- Arg1
- Object
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.
- Arg2
- Object
Maturity - the security's maturity date. The maturity date is the date when the security expires.
- Arg3
- Object
Rate - the security's annual coupon rate.
- Arg4
- Object
Yld - the security's annual yield.
- Arg5
- Object
Redemption - the security's redemption value per $100 face value.
- Arg6
- Object
Frequency - the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
- Arg7
- Object
Basis - the type of day count basis to use.
Returns
Remarks
Important: 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 23rd day of May, 2008. Problems can occur if dates are entered as text.
| 0 or omitted | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
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. Microsoft Excel for the Macintosh uses a different date system as its default.
The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
Settlement, maturity, frequency, and basis are truncated to integers.
If settlement or maturity is not a valid date, Price returns the #VALUE! error value.
If yld < 0 or if rate < 0, Price returns the #NUM! error value.
If redemption ≤ 0, Price returns the #NUM! error value.
If frequency is any number other than 1, 2, or 4, Price returns the #NUM! error value.
If basis < 0 or if basis > 4, Price returns the #NUM! error value.
If settlement ≥ maturity, Price returns the #NUM! error value. Price is calculated as follows:
Figure 1: Equation for Price method
where:
DSC = number of days from settlement to next coupon date.
E = number of days in coupon period in which the settlement date falls.
N = number of coupons payable between settlement date and redemption date.
A = number of days from beginning of coupon period to settlement date.