Financial
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=ACCRINT()
Returns the accrued interest for a security that pays periodic interest.
Applies To:
Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016
=ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])
Hover argument names in the table for details.
Output typeNumber
Popularity8 / 100
VolatileNo
Dynamic ArrayNo
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◧ Arguments
| Argument | Type | Required | Description |
|---|---|---|---|
issue |
Date | Required | The security's issue date. |
first_interest |
Date | Required | The security's first interest date. |
settlement |
Date | Required | The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer. |
rate |
Number | Required | The security's annual coupon rate. |
par |
Number | Required | The security's par value. If you omit par, ACCRINT uses $1,000. |
frequency |
Number | Required | The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4. |
basis |
Number | Optional | The type of day count basis to use. 0 or omitted = US (NASD) 30/360; 1 = Actual/actual; 2 = Actual/360; 3 = Actual/365; 4 = European 30/360. |
calc_method |
Logical | Optional | 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. |
▣ Examples
▦ Data
| Cell | Value | Description |
|---|---|---|
A2 |
39508 | Issue date |
A3 |
39691 | First interest date |
A4 |
39569 | Settlement date |
A5 |
0.1 | Coupon rate |
A6 |
1000 | Par value |
A7 |
2 | Frequency is semiannual (see above) |
A8 |
0 | 30/360 basis (see above) |
A9 |
39508 | Issue date |
A10 |
39691 | First interest date |
A11 |
39569 | Settlement date |
A12 |
0.1 | Coupon rate |
A13 |
1000 | Par value |
A14 |
2 | Frequency is semiannual (see above) |
A15 |
0 | 30/360 basis (see above) |
Accrued interest for a treasury bond with the terms above.
=ACCRINT(A2,A3,A4,A5,A6,A7,A8)
Result:
16.666667
Accrued interest with the terms above, except the issue date is March 5, 2008.
=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A8,FALSE)
Result:
15.555556
Accrued interest with the terms above, except the issue date is April 5, 2008, and the accrued interest is calculated from the first_interest to settlement.
=ACCRINT(DATE(2008, 4, 5), A3, A4, A5, A6, A7, A8, TRUE)
Result:
7.2222222
§ Remarks
- 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 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.
- ACCRINT is calculated as follows: where: Ai = number of accrued days for the ith quasi-coupon period within odd period. NC = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number. NLi = normal length in days of the quasi-coupon period within odd period.
✦ Tips
- 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.
- 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.
⚠ Common Errors
#VALUE!
If issue, first_interest, or settlement is not a valid date, ACCRINT returns the #VALUE! error value.
Fix: Enter valid dates, preferably with the DATE function
#NUM!
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.
Fix: Check the input values and the order of the dates
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