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Manuals/calci/PRICE (view source)

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~~<div id~~=~~"6SpaceContent" class~~=~~"zcontent" align="left">~~

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=PRICE(settlement, maturity, rate, yield, redemption, frequency, basis)=

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'''~~PRICE~~'''(~~SettlementDate~~, ~~MaturityDate~~, ~~Rate~~,~~Yield~~, ~~Redemption, Frequency, Basis)~~

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*where 'settlement' is the security's settlement date (a date when coupon or a bond is purchased),

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*'maturity' is the security's maturity date (a date when coupon or a bond expires),

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*'rate' is the security's rate,

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*'yield' is the security's annual yield,

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*'redemption' is

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*'frequency' is the number of coupon payments per year, and

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*'basis' is the type of day count basis to use.

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~~where,~~

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PRICE() calculates the price per $100 face value of security that pays periodic interest.

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~~'''SettlementDate''' - represents the settlement date.~~

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== Description ==

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~~'''MaturityDate''' - represents the~~ maturity ~~date.~~

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PRICE(settlement, maturity, rate, yield, redemption, frequency, basis)

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'''~~Rate~~''' ~~- the annual coupon rate~~.

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*The function returns the price per $100 face value of security that pays periodic interest.

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*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.

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*If settlement date ≥ maturity date, Calci displays #N/A error message.

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*'coupon' and 'yield' values must be greater than or equal to zero.

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*The values for 'frequency' should be 1,2 or 4.

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For Annual payment, frequency = 1,

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~~'''Yield'''~~ - ~~the~~ annual ~~yield.~~

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For Semi-annual payment, frequency = 2,

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~~Redemption - represents the redemption value per $100 face value~~.

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For Quarterly payment, frequency = 4.

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'''~~Frequency~~'~~'' - the number of coupon payment per year.~~

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*'basis' value is optional. If omitted, Calci assumes it to be 0.

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Below table shows the use of 'basis' values:

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~~'''Payments frequency'''~~

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{| class="wikitable"

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|-

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! Basis !! Description

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|-

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| 0 || US (NASD) 30/360

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|-

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| 1 || Actual/actual

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|-

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| 2 || Actual/360

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|-

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| 3 || Actual/365

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|-

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| 4 || European 30/365

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|}

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~~annual 1~~

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*If 'basis' value is other than 0 to 4, Calci displays #N/A error message.

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~~semiannual 2~~

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~~quarterly 4~~

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~~'''Basis''' - type of day count basis~~

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~~'''Basis Day count basis'''~~

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~~0 or omitted US 30/360~~

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~~1 Actual/actual~~

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~~2 Actual/360~~

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~~3 Actual/365~~

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~~4 European 30/360~~

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~~</div>~~

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~~----~~

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~~<div id="1SpaceContent" class="zcontent" align="left">~~

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~~It returns the price per $100 face value that pays periodic interest.~~

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~~'''Formula''':-~~

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~~PRICE =~~

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~~</div>~~

----

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~~If Basis < 0 or Basis > 4 , PRICE returns the #ERROR.~~

If Yield < 0 or Rate < 0, it returns the #ERROR.

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~~If SettlementDate >= MaturityDate, PRICE returns #ERRROR.~~

If Frequency other than 1 , 2 or 4 returns the #ERROR.

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If Redemption <= 0, PRICE returns the #ERROR.

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~~</div>~~

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== Examples ==

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~~----~~

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~~<div id~~=~~"12SpaceContent" class~~=~~"zcontent" align~~=~~"left"><div class~~=~~"ZEditBox" align="left">~~

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~~PRICE~~

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~~</div></div>~~

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~~----~~

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~~<div id="8SpaceContent" class="zcontent" align="left">~~

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~~Lets see an example in (Column2, Row2)~~

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~~<nowiki>=PRICE(R1C1, R2C1, R3C1, R4C1, R5C1,R6C1,R1C2)</nowiki>~~

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~~PRICE returns 97.852841.~~

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~~Consider another example~~

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~~<nowiki>=PRICE(date(1/1/2007),date(2/2/2008), "5%", "4%",0,3)</nowiki>~~

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~~It returns #ERROR(frequency =0).~~

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~~</div>~~

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~~----~~

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~~<div id="10SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Syntax </div><div class="ZEditBox"><center></center></div></div>~~

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~~----~~

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~~<div id="4SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Remarks </div></div>~~

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~~----~~

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~~<div id="3SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Examples </div></div>~~

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~~----~~

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~~<div id="11SpaceContent" class="zcontent" align="left"><div class="ZEditBox" align="justify">Description </div></div>~~

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~~----~~

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|}

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~~<div align~~=~~"left">~~[[~~Image:calci1.gif~~]]</~~div><~~/~~div>~~

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== See Also ==

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~~----~~

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*[[Manuals/calci/PRICEDISC | PRICEDISC]]

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*[[Manuals/calci/PRICEMAT | PRICEMAT]]

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== References ==

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*[http://en.wikipedia.org/wiki/Bond_duration#Macaulay_duration Macau

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