Financial Functions in Excel

Financial Functions in Excel

Financial Functions in Excel

Excel boasts a vast library of functions, but don’t be overwhelmed! We’ll explore the most essential functions grouped into intuitive categories. Here is the list of Excel Formulas and Functions. We have included Excel functions, Description, Syntax. Explained with Example Formulas.

 

Financial Functions 

Become a Financial Whiz: Excel empowers you to become a financial whiz with its dedicated Financial Functions. From calculating loan payments (PMT) to analyzing investment returns (IRR, NPV, XIRR), these functions provide the tools needed for financial modeling, cash flow forecasting, and informed investment decisions.

  • Perform financial calculations like loan payments (PMT) and interest rates (IRR).
  • Analyze investment returns (NPV, XIRR).
  • Create financial models and cash flow forecasts.

Function

Description

Syntax and Formula

ACCRINT

The ACCRINT function in Microsoft Excel calculates the accrued interest for a security that pays periodic interest.

Syntax: ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])

Formula: ACCRINT(“1/1/2020″,”2/1/2020″,”3/1/2020”,0.05,1000,2,0,0)This example calculates the accrued interest for a security with an issue date of 1/1/2020, first interest date of 2/1/2020, settlement date of 3/1/2020, interest rate of 5%, par value of 1000, and a frequency of 2 (semi-annually). The basis and calculation method are both set to 0.

ACCRINTM

The ACCRINTM function returns the amount of interest that has been accrued on a security that pays periodic interest, such as a bond, between a start and end date.

Syntax: ACCRINTM(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])

Formula: ACCRINTM(“1/1/2019”, “1/1/2019”, “1/15/2019”, 0.06, 1000, 2, 0, 0)This example returns the amount of interest accrued on a bond with an issue date of 1/1/2019, first interest date of 1/1/2019, settlement date of 1/15/2019, annual interest rate of 6%, par value of $1,000, and semi-annual frequency, using the US (NASD) 30/360 day count basis and the price basis method.

AMORDEGRC

The AMORDEGRC function returns the depreciation of an asset for a specified period using a depreciation coefficient from a table of depreciation coefficients.

Syntax: AMORDEGRC(cost, date_purchased, first_period, salvage, period, [month])

Formula: AMORDEGRC(10000, DATE(2015,1,1), DATE(2015,4,1), 1000, 12, 4)This example returns the depreciation of an asset with a cost of 10,000 purchased on January 1, 2015, with a first period ending on April 1, 2015, a salvage value of 1,000, a period of 12, and a depreciation coefficient of 4.

AMORLINC

The AMORLINC function is used to calculate the depreciation of an asset for a specified period using the linear depreciation method.

Syntax: AMORLINC(cost, date_purchased, first_period, salvage, period, [rate])

Formula: To calculate the depreciation of an asset that cost $10,000, was purchased on 1/1/2020, and has a salvage value of $1,000 after 5 years, the following formula can be used:AMORLINC(10000, “1/1/2020”, “1/1/2020”, 1000, 5)

COUPDAYBS

The COUPDAYBS function returns the number of days from the beginning of the coupon period to the settlement date.

Syntax: COUPDAYBS(settlement, maturity, frequency, [basis])

Formula: COUPDAYBS(“1/15/2020”, “7/15/2020”, 2, 0)This example returns the number of days from the beginning of the coupon period to the settlement date of January 15, 2020, with a maturity date of July 15, 2020 and a frequency of 2 (semi-annual). The basis is 0 (US (NASD) 30/360). The result is 91.

COUPDAYS

The COUPDAYS function returns the number of days in the coupon period that contains the settlement date.

Syntax: COUPDAYS(settlement, maturity, frequency, [basis])

Formula: COUPDAYS(“9/15/2020”, “9/15/2021”, 2, 0)This example returns the number of days in the coupon period that contains the settlement date of 9/15/2020, with a maturity date of 9/15/2021, a frequency of 2 (semi-annual payments), and a basis of 0 (US (NASD) 30/360). The result is 180.

COUPDAYSNC

The COUPDAYSNC function returns the number of days in the coupon period that contains the settlement date for a security with a periodic interest payment.

Syntax: COUPDAYSNC(settlement, maturity, frequency, [basis])

Formula: COUPDAYSNC(DATE(2020,8,15),DATE(2022,2,15),2,0)This example returns the number of days in the coupon period that contains the settlement date (15th August 2020) for a security with a periodic interest payment with a maturity date of 15th February 2022 and a frequency of 2 (semi-annual). The basis argument is optional and is set to 0 in this example.

COUPNCD

The COUPNCD function returns the next coupon date after the settlement date for a security with a specified frequency of coupon payments.

Syntax: COUPNCD(settlement, maturity, frequency, [basis])

Formula: COUPNCD(DATE(2020,1,1), DATE(2022,1,1), 2, 0)This example returns the next coupon date after the settlement date of January 1, 2020 for a security with a maturity date of January 1, 2022 and a frequency of 2 (semiannual) payments. The basis is 0 (US (NASD) 30/360).

COUPNUM

COUPNUM is an Excel function that calculates the number of coupon payments between two dates. It is used to calculate the number of times an investor will receive a coupon payment between two dates.

Syntax: COUPNUM(settlement, maturity, frequency, [basis])

Formula: COUPNUM(DATE(2020,1,1), DATE(2025,12,31), 2, 0)This example calculates the number of coupon payments between 1 January 2020 and 31 December 2025, assuming a frequency of 2 payments per year and a basis of 0 (US (NASD) 30/360). The result is 6.

COUPPCD

The COUPPCD function returns the next coupon payment date after the settlement date.

Syntax: COUPPCD(settlement, maturity, frequency, [basis])

Formula: COUPPCD(DATE(2021,1,1), DATE(2021,6,30), 2, 0)This example returns 3/1/2021, which is the next coupon payment date after the settlement date of 1/1/2021, with a maturity date of 6/30/2021, a frequency of 2 (semi-annual), and a basis of 0 (US (NASD) 30/360).

CUMIPMT

The CUMIPMT function in Excel calculates the cumulative interest paid on a loan between a start period and an end period.

Syntax: CUMIPMT(rate, nper, pv, start_period, end_period, type)

Formula: To calculate the cumulative interest paid on a loan of $10,000 at an annual interest rate of 5% over a period of 5 years, starting from the 2nd year, the formula would be:=CUMIPMT(0.05, 5, 10000, 2, 5, 0)The result would be $1,250.

CUMPRINC

The CUMPRINC function in Excel is used to calculate the cumulative principal paid on a loan between a start period and an end period.

Syntax: CUMPRINC(rate, nper, pv, start_period, end_period, type)

Formula: To calculate the cumulative principal paid on a loan with an interest rate of 5%, a total number of periods of 10, a present value of $2000, a start period of 3 and an end period of 6, the formula would be:=CUMPRINC(5%, 10, 2000, 3, 6, 0)The result would be $600, indicating that $600 of the principal was paid between the 3rd and 6th periods.

DB

DB: The DB function is a financial function that returns the depreciation of an asset for a specified period using the fixed-declining balance method.

Syntax: DB(cost, salvage, life, period, [month])

Formula: DB(10000,1000,5,2)This example returns the depreciation of an asset with a cost of $10,000, a salvage value of $1,000, a life of 5 years, and a period of 2 years.

DDB

The DDB function is used to calculate the depreciation of an asset for a specified period using the double-declining balance method.

Syntax: DDB(cost, salvage, life, period, [factor])

Formula: DDB(10000,1000,5,2,2)This example calculates the depreciation of an asset for the second period, given a cost of $10,000, a salvage value of $1,000, a life of 5 periods, and a factor of 2.

DISC

The DISC function returns the discount rate for a security.

Syntax: DISC(settlement, maturity, pr, redemption, [basis])

Formula: DISC(DATE(2020,6,15),DATE(2021,6,15),0.1,100,1)This example returns the discount rate for a security with a settlement date of June 15, 2020, a maturity date of June 15, 2021, a price of 0.1, and a redemption value of 100, using the US (NASD) 30/360 day count basis.

DOLLARDE

DOLLARDE is an Excel function that converts a dollar price expressed as a fraction into a dollar price expressed as a decimal.

Syntax: DOLLARDE(fractional_dollar, fraction)

Formula: DOLLARDE(3/32, 32)Result: 0.09375

DOLLARFR

DOLLARFR is an Excel function that converts a number to text in a currency format.

Syntax: DOLLARFR(number,decimals)

Formula: DOLLARFR(123.45,2)Result: 123,45 €

DURATION

The DURATION function in Excel calculates the number of days between two given dates.

Syntax: DURATION(settlement, maturity, frequency, [basis])

Formula: DURATION(DATE(2020,1,1),DATE(2021,1,1),2,0)This formula will return the number of days between January 1st, 2020 and January 1st, 2021, assuming a semi-annual frequency and a US (NASD) 30/360 day count basis. The result will be 365.

EFFECT

The EFFECT function is an Excel function that calculates the effective annual interest rate. It takes two arguments, the nominal interest rate and the number of compounding periods per year.

Syntax: EFFECT(nominal_rate, npery)

Formula: EFFECT(0.05, 12)This example would return 0.0514, which is the effective annual interest rate for a nominal interest rate of 5% and 12 compounding periods per year.

FV

FV: The FV function in Excel is used to calculate the future value of an investment. It takes three arguments: rate, nper, and pmt.

Syntax: FV(rate, nper, pmt)

Formula: FV(0.06, 10, -100)This example returns the future value of an investment of $100 for 10 periods at an interest rate of 6%.

FVSCHEDULE

FVSCHEDULE is an Excel function that returns the future value of an investment based on a series of periodic payments and a constant interest rate.

Syntax: FVSCHEDULE(principal, schedule)

Formula: FVSCHEDULE(1000, {0.1, 0.1, 0.1, 0.1})This example returns the future value of an investment of $1000 with four periodic payments of 10% each. The result is $1,464.

INTRATE

INTRATE calculates the interest rate for a fully invested security.

Syntax: INTRATE(settlement, maturity, investment, redemption, [basis])

Formula: INTRATE(DATE(2020, 1, 1), DATE(2021, 1, 1), 1000, 1100, 0)This example calculates the interest rate for a security that is invested on January 1, 2020, matures on January 1, 2021, and has an investment of $1000 and a redemption of $1100. The basis is set to 0.

IPMT

IPMT: The IPMT function in Excel is used to calculate the interest payment for a given period of an investment or loan.

Syntax: IPMT(rate, period, number_of_periods, present_value, [future_value], [type])

Formula: To calculate the interest payment for the 3rd period of a loan with a rate of 5%, a present value of $1000 and a total of 10 periods, the formula would be:=IPMT(5%,3,10,1000)This would return a result of -$20.83, indicating that the interest payment for the 3rd period is $20.83.

IRR

The IRR function in Excel is a financial function that returns the internal rate of return for a series of cash flows. The internal rate of return is the discount rate that sets the net present value of the cash flows to zero.

Syntax: IRR(values, [guess])

Formula: IRR(A2:A7,0.1)This example uses the IRR function to calculate the internal rate of return for a series of cash flows in cells A2 to A7, with an initial guess of 0.1.

ISPMT

The ISPMT function calculates the interest paid during a specific period of an investment.

Syntax: ISPMT(rate, period, number_of_periods, present_value)

Formula: ISPMT(0.08, 3, 12, 10000)This example returns a result of -66.67, which is the interest paid during the 3rd period of an investment with a rate of 8%, 12 periods and a present value of 10,000.

MDURATION

The MDURATION function returns the Macauley duration of a security with an assumed par value of $100.

Syntax: MDURATION(settlement, maturity, coupon, yld, frequency, [basis])

Formula: MDURATION(DATE(2018,1,1),DATE(2022,1,1),0.06,0.05,2,0)This example returns the Macauley duration of a security with a settlement date of January 1, 2018, a maturity date of January 1, 2022, a coupon rate of 6%, an annual yield of 5%, and a frequency of semi-annual payments, using a US (NASD) 30/360 day count basis.

MIRR

MIRR: The MIRR function is an Excel financial function that returns the modified internal rate of return for a series of periodic cash flows.

Syntax: MIRR(values, finance_rate, reinvest_rate)

Formula: MIRR(B2:B6, 10%, 20%)In this example, the MIRR function returns the modified internal rate of return for the cash flows in the range B2:B6, with a 10% finance rate and a 20% reinvestment rate.

NOMINAL

NOMINAL: This function is used to calculate the nominal interest rate given the effective rate and the number of compounding periods per year.

Syntax: NOMINAL(effect_rate, npery)

Formula: NOMINAL(0.1, 4)Result: 0.0943

NPER

The NPER function returns the number of periods for an investment based on periodic, constant payments and a constant interest rate.

Syntax: NPER(rate, pmt, pv, [fv], [type])

Formula: To calculate the number of periods for an investment of $10,000 with a payment of $500 and an interest rate of 5%, the formula would be:=NPER(0.05, -500, 10000)The result is 18.

NPV

NPV is a financial function in Excel used to calculate the net present value of an investment. It takes into account the initial investment, the rate of return, and the number of periods in the investment.

Syntax: NPV(rate, value1, value2, …)

Formula: NPV(0.1, -1000, 500, 500, 500)This example would calculate the net present value of an investment with an initial investment of -1000, and three subsequent payments of 500 each at a rate of 0.1.

ODDFPRICE

ODDFPRICE is an Excel function that calculates the price per $100 face value of a security with an odd first period.

Syntax: ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

Formula: ODDFPRICE(DATE(2021,1,1),DATE(2021,7,1),DATE(2020,7,1),0.06,0.06,0.06,100,2,0)This example calculates the price per $100 face value of a security with a settlement date of January 1, 2021, a maturity date of July 1, 2021, an issue date of July 1, 2020, a first coupon of 0.06, a rate of 0.06, a yield of 0.06, a redemption value of 100, and a frequency of 2 (semi-annual). The basis is set to 0.

ODDFYIELD

The ODDFYIELD function returns the odd yield of a security with an odd first period.

Syntax: ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

Formula: ODDFYIELD(DATE(2020,1,1),DATE(2023,1,1),DATE(2020,1,1),0.06,0.05,100,100,2,1)This example returns the odd yield of a security with a settlement date of January 1, 2020, a maturity date of January 1, 2023, an issue date of January 1, 2020, a first coupon of 0.06, a rate of 0.05, a price of 100, a redemption value of 100, and a frequency of 2 (semi-annually). The optional basis parameter is set to 1 (US (NASD) 30/360).

ODDLPRICE

ODDLPRICE is an Excel function that returns the price per unit of an odd lot, which is an order for a quantity of stock that is less than the standard trading unit.

Syntax: ODDLPRICE(settlement, maturity, rate, yld, redemption, frequency, [basis])

Formula: ODDLPRICE(“1/1/2020″,”1/1/2021”,0.05,0.06,100,2,1)This example returns the price per unit of an odd lot with a settlement date of 1/1/2020, a maturity date of 1/1/2021, a rate of 0.05, a yield of 0.06, a redemption value of 100, and a frequency of 2 (semi-annual), using the US (NASD) 30/360 day count basis.

ODDLYIELD

The ODDLYIELD function is used to calculate the yield of a security that pays odd interest payments.

Syntax: ODDLYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

Formula: ODDLYIELD(DATE(2021,1,1), DATE(2024,1,1), DATE(2020,7,1), DATE(2021,7,1), 0.05, 100, 100, 2, 0)This example calculates the yield of a security with a settlement date of 1/1/2021, maturity date of 1/1/2024, issue date of 7/1/2020, first coupon date of 7/1/2021, rate of 0.05, price of 100, redemption of 100, frequency of 2, and basis of 0.

PDURATION

PDURATION is a financial function in Excel that calculates the number of periods required to pay off a loan or make an investment given the present value, periodic payment, and future value.

Syntax: PDURATION(present_value, payment, future_value)

Formula: Suppose you have a loan of $10,000 with a periodic payment of $200 and a future value of $0. The number of periods required to pay off the loan is calculated by using the PDURATION function as follows:=PDURATION(10000, 200, 0)The result is 50, meaning it will take 50 periods (months, years, etc.) to pay off the loan.

PMT

PMT is an Excel function used to calculate the periodic payment for a loan. The syntax is PMT(rate, nper, pv, [fv], [type]).Rate is the interest rate per period.Nper is the total number of payments for the loan.Pv is the present value (or principal) of the loan.Fv is the future value (or balance) of the loan after the last payment.Type is the number 0 or 1 and indicates when payments are due.

Syntax: PMT(rate, nper, pv, [fv], [type])

Formula: PMT(0.06/12, 60, 1000, 0, 0)This example calculates the monthly payment for a loan of $1000 at 6% interest for 60 months. The payment is $19.55.

PPMT

The PPMT function in Excel calculates the principal payment for a given period for an investment based on a constant periodic payment and a constant interest rate.

Syntax: PPMT(rate, period, number_of_periods, present_value, future_value, type)

Formula: To calculate the principal payment for the 3rd period of a loan with a 6% annual interest rate, a present value of $10,000, and a total of 5 periods, the formula would be:=PPMT(6%,3,5,10000,0,0)The result would be -$2,037.50, which is the principal payment for the 3rd period.

PRICE

The PRICE function is used to calculate the price per $100 face value of a security that pays periodic interest.

Syntax: PRICE(settlement, maturity, rate, yld, redemption, frequency, [basis])

Formula: PRICE(DATE(2020,1,1), DATE(2022,1,1), 0.05, 0.06, 100, 2, 0)This example returns the price per $100 face value of a security that pays semiannual interest at a rate of 5%, with a yield of 6%, and a redemption value of $100. The settlement date is January 1, 2020, and the maturity date is January 1, 2022.

PRICEDISC

PRICEDISC is an Excel function that calculates the price of a discounted security. It takes three arguments: the settlement date, the maturity date, and the discount rate.

Syntax: PRICEDISC(settlement, maturity, discount)

Formula: PRICEDISC(“2/2/2020”, “2/2/2021”, 0.05)This example would calculate the price of a security with a settlement date of 2/2/2020, a maturity date of 2/2/2021, and a discount rate of 0.05.

PRICEMAT

PRICEMAT is an Excel function that calculates the price of a security based on its yield. It takes three arguments: settlement, maturity, and rate.

Syntax: PRICEMAT(settlement, maturity, rate)

Formula: PRICEMAT(A1, A2, A3)where A1 = settlement date, A2 = maturity date, A3 = rate

PV

The PV function calculates the present value of an investment, which is the total amount that a series of future payments is worth now.

Syntax: PV(rate, nper, pmt, [fv], [type])

Formula: To calculate the present value of an investment that will pay $1000 at the end of each year for 10 years, with an interest rate of 5%, the formula would be:=PV(5%, 10, 1000)The result would be: -$7,637.45

RATE

The RATE function is used to calculate the interest rate per period of an annuity.

Syntax: RATE(nper, pmt, pv, [fv], [type], [guess])

Formula: To calculate the interest rate per period for a loan of $2,000 to be paid back in 5 years with a payment of $400 per period, the formula would be:=RATE(5, -400, 2000)The result would be 0.05, indicating a 5% interest rate per period.

RECEIVED

The RECEIVED function is a financial function in Microsoft Excel that returns the amount received at maturity for a fully invested security.

Syntax: RECEIVED(settlement, maturity, investment, discount, [basis])

Formula: RECEIVED(A2,A3,A4,A5,A6)In this example, A2 is the settlement date, A3 is the maturity date, A4 is the investment amount, A5 is the discount rate, and A6 is the basis (optional).

RRI

RRI: The RRI function is used to calculate the rate of return on an investment over a period of time.

Syntax: RRI(nper, pv, fv)nper: The total number of periods over which the investment is made.pv: The present value of the investment.fv: The future value of the investment.

Formula: RRI(5, 1000, 2000)This example calculates the rate of return on an investment of $1000 that will be worth $2000 after 5 periods. The result is 0.1487, or 14.87%.

SLN

SLN: The SLN function is used to calculate the straight-line depreciation of an asset for a single period.

Syntax: SLN(cost, salvage, life)

Formula: SLN(1000,200,5)This example would calculate the straight-line depreciation of an asset with a cost of 1000, a salvage value of 200, and a life of 5 years. The result would be 160.

SYD

The SYD function returns the sum-of-years’ digits depreciation of an asset for a specified period.

Syntax: SYD(cost, salvage, life, period)

Formula: SYD(10000, 1000, 5, 3)This example returns the sum-of-years’ digits depreciation of an asset with a cost of $10,000, a salvage value of $1,000, and a useful life of 5 years for the 3rd period. The result is $2,400.

TBILLEQ

The TBILLEQ function is used to calculate the bond-equivalent yield of a treasury bill.

Syntax: TBILLEQ(settlement, maturity, discount)

Formula: TBILLEQ(DATE(2020,1,1), DATE(2020,2,1), 0.05)This example would calculate the bond-equivalent yield of a treasury bill with a settlement date of January 1, 2020, a maturity date of February 1, 2020, and a discount rate of 0.05.

TBILLPRICE

TBILLPRICE is an Excel function that calculates the price of a Treasury bill based on the rate, issue date, and maturity date.

Syntax: TBILLPRICE(settlement, maturity, discount)

Formula: TBILLPRICE(3/1/2020, 6/1/2020, 0.05)The result of this example would be 99.876.

TBILLYIELD

The TBILLYIELD function returns the yield for a Treasury bill, given the discount rate, settlement date, and maturity date.

Syntax: TBILLYIELD(discount, settlement, maturity)

Formula: TBILLYIELD(0.05, “1/1/2020”, “4/1/2020”) returns 0.0541

VDB

VDB stands for Variable Declining Balance. It is a financial function that is used to calculate the depreciation of an asset over a period of time.

Syntax: VDB(cost, salvage, life, start_period, end_period, [factor], [no_switch])

Formula: VDB(10000, 1000, 5, 1, 3, 2, FALSE)This example will calculate the depreciation of an asset with a cost of 10,000, a salvage value of 1,000 and a life of 5 years for the first 3 periods, using a double declining balance factor and no switch.

XIRR

XIRR is an Excel function that calculates the internal rate of return for a series of cash flows that occur at irregular intervals. It is used to calculate the rate of return for investments that don’t have a fixed schedule of payments, such as investments in stocks or mutual funds.

Syntax: XIRR (values, dates, [guess])

Formula: XIRR (A1:A4, B1:B4, 0.1)A1:A4 = -1000, 500, 500, 500B1:B4 = 01/01/2020, 02/01/2020, 03/01/2020, 04/01/2020In this example, XIRR will return the internal rate of return for the series of cash flows in A1:A4 that occur at the dates in B1:B4, with an initial guess of 0.1.

XNPV

The XNPV function calculates the net present value of an investment based on a discount rate and a series of cash flows.

Syntax: XNPV(rate, values, dates)

Formula: XNPV(0.1, {-1000, 400, 400, 400}, {DATE(2020,1,1), DATE(2020,2,1), DATE(2020,3,1), DATE(2020,4,1)})This example would return a net present value of $912.11.

YIELD

YIELD: The YIELD function returns the yield on a security that pays periodic interest.

Syntax: YIELD(settlement, maturity, rate, pr, redemption, frequency, [basis])

Formula: YIELD(DATE(2020,5,15),DATE(2021,5,15),5%,100,100,2,1)This example would return the yield of a security that has a settlement date of May 15th, 2020, a maturity date of May 15th, 2021, a rate of 5%, a price of 100, a redemption value of 100, a frequency of 2 (semi-annual), and a basis of 1 (US (NASD) 30/360).

YIELDDISC

YIELDDISC is an Excel function used to calculate the yield on a discounted security. It takes the following arguments:• Settlement: The security’s settlement date.• Maturity: The security’s maturity date.• Price: The security’s price per $100 face value.• Redemption: The security’s redemption value per $100 face value.• Basis: The type of day count basis to use.

Syntax: YIELDDISC(settlement, maturity, price, redemption, basis)

Formula: YIELDDISC(“1/1/2020”, “1/1/2021”, 98, 100, 0)This example would calculate the yield on a security with a settlement date of 1/1/2020, a maturity date of 1/1/2021, a price of 98 per $100 face value, a redemption value of 100 per $100 face value, and a day count basis of 0.

YIELDMAT

YIELDMAT is an Excel function used to calculate the yield of a security that pays periodic interest. It is used to calculate the yield of a bond or other security on a given date.

Syntax: YIELDMAT(settlement, maturity, issue, rate, pr, redemption, frequency, [basis])

Formula: YIELDMAT(A2, B2, C2, D2, E2, F2, G2, H2)In this example, A2 is the settlement date, B2 is the maturity date, C2 is the issue date, D2 is the rate, E2 is the price, F2 is the redemption value, G2 is the frequency, and H2 is the basis.

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