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Line 1: − <div id="6SpaceContent" class="zcontent" align="left">+ − + + + + + + + − where,+ − '''SettlementDate''' - represents the settlement date.+ − '''MaturityDate''' - represents the maturity date.+ − + + + + + + − '''Yield''' - the annual yield.+ − Redemption - represents the redemption value per $100 face value.+ − + + − '''Payments frequency'''+ + + + + + + + + + + + + + − annual 1+ − semiannual 2 − quarterly 4 − − '''Basis''' - type of day count basis − − '''Basis Day count basis''' − − 0 or omitted US 30/360 − − 1 Actual/actual − − 2 Actual/360 − − 3 Actual/365 − − 4 European 30/360 − − </div> − ---- − <div id="1SpaceContent" class="zcontent" align="left"> − − It returns the price per $100 face value that pays periodic interest. − − '''Formula''':- − − PRICE = − − </div> − If Basis < 0 or Basis > 4 , PRICE returns the #ERROR. − If SettlementDate >= MaturityDate, PRICE returns #ERRROR. Line 63:
Line 58: − </div>+ − ---- − <div id="12SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="left"> − − PRICE − </div></div> − ---- − <div id="8SpaceContent" class="zcontent" align="left"> − − Lets see an example in (Column2, Row2) − − <nowiki>=PRICE(R1C1, R2C1, R3C1, R4C1, R5C1,R6C1,R1C2)</nowiki> − − PRICE returns 97.852841. − − Consider another example − − <nowiki>=PRICE(date(1/1/2007),date(2/2/2008), "5%", "4%",0,3)</nowiki> − − It returns #ERROR(frequency =0). − − </div> − ---- − <div id="10SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Syntax </div><div class="ZEditBox"><center></center></div></div> − ---- − <div id="4SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Remarks </div></div> − ---- − <div id="3SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Examples </div></div> − ---- − <div id="11SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Description </div></div> − ---- Line 143:
Line 108: − <div align="left">[[Image:calci1.gif]]</div></div>+ − ----+ + + + + + +
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=PRICE(settlement, maturity, rate, yield, redemption, frequency, basis)=
'''PRICE'''(SettlementDate, MaturityDate, Rate,Yield, Redemption, Frequency, Basis)
*where 'settlement' is the security's settlement date (a date when coupon or a bond is purchased),
*'maturity' is the security's maturity date (a date when coupon or a bond expires),
*'rate' is the security's rate,
*'yield' is the security's annual yield,
*'redemption' is
*'frequency' is the number of coupon payments per year, and
*'basis' is the type of day count basis to use.
PRICE() calculates the price per $100 face value of security that pays periodic interest.
== Description ==
PRICE(settlement, maturity, rate, yield, redemption, frequency, basis)
'''Rate''' - the annual coupon rate.
*The function returns the price per $100 face value of security that pays periodic interest.
*Settlement and maturity dates should be entered either in 'date format' or 'dates returned using formulas'. If dates are not valid, Calci displays #N/A error message.
*If settlement date ≥ maturity date, Calci displays #N/A error message.
*'coupon' and 'yield' values must be greater than or equal to zero.
*The values for 'frequency' should be 1,2 or 4.
For Annual payment, frequency = 1,
For Semi-annual payment, frequency = 2,
For Quarterly payment, frequency = 4.
'''Frequency''' - the number of coupon payment per year.
*'basis' value is optional. If omitted, Calci assumes it to be 0.
Below table shows the use of 'basis' values:
{| class="wikitable"
|-
! Basis !! Description
|-
| 0 || US (NASD) 30/360
|-
| 1 || Actual/actual
|-
| 2 || Actual/360
|-
| 3 || Actual/365
|-
| 4 || European 30/365
|}
*If 'basis' value is other than 0 to 4, Calci displays #N/A error message.
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If Yield < 0 or Rate < 0, it returns the #ERROR.
If Yield < 0 or Rate < 0, it returns the #ERROR.
If Frequency other than 1 , 2 or 4 returns the #ERROR.
If Frequency other than 1 , 2 or 4 returns the #ERROR.
If Redemption <= 0, PRICE returns the #ERROR.
If Redemption <= 0, PRICE returns the #ERROR.
== Examples ==
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|}
|}
== See Also ==
*[[Manuals/calci/PRICEDISC | PRICEDISC]]
*[[Manuals/calci/PRICEMAT | PRICEMAT]]
== References ==
*[http://en.wikipedia.org/wiki/Bond_duration#Macaulay_duration Macau