Microsoft Office Tutorials and References
In Depth Information
The DOLLARDE and DOLLARFR functions
You can type dates by using any of the following: the date’s serial number, the date
enclosed in quotation marks, or a reference to a cell that contains a date. For example, you
can type the date June 30, 2013, as the serial date value 41455 , as 6/30/13 , or as a
reference to a cell containing this date. If the security-analysis function results in a #NUM! error
value, be sure the dates are in the correct form and that they meet the criteria described in
Table 16-3.
For more information about serial date values, see “Understanding how Excel records dates
and times” in Chapter 15, “Formatting and calculating date and time.”
The DOLLARDE and DOLLARFR functions
One of this pair of functions converts fractional pricing of securities to decimals, and the
other converts decimals to fractions. The DOLLARDE function takes the arguments
fractional dollar and fraction , and the DOLLARFR function takes the arguments decimal dollar
and fraction ). The fractional dollar argument is the value you want to convert expressed as
an integer, followed by a decimal point and the numerator of the fraction you want to
convert. The decimal dollar argument is the value you want to convert expressed as a decimal.
The fraction argument is an integer indicating the denominator you want to use in the
conversion. For the DOLLARFR function, fraction is the unit that the function should use when
converting the decimal value, effectively rounding the decimal number to the nearest half,
quarter, eighth, sixteenth, thirty-second, and so on.
For example, the formula =DOLLARDE(1.03, 32) translates as 1+3/32, which is equivalent to
1.09375. On the other hand, the formula =DOLLARFR(1.09375, 32) returns the result 1.03.
The ACCRINT and ACCRINTM functions
The ACCRINT function returns the interest accrued by a security that pays interest on a
periodic basis. This function takes the arguments issue , first interest , settlement , rate , par ,
frequency , basis , and calculation method , in which first interest indicates the date on which
interest is first accrued and calculation method is a logical value (1 or TRUE; 0 or FALSE). The
default value of TRUE for calculation method returns the total accrued interest; a value of
FALSE returns the interest accrued after the first interest date. For other argument
definitions, see Table 16-3. For example, suppose a U.S. Treasury bond has an issue date of March
1, 2014; a settlement date of April 1, 2014; a first interest date of September 1, 2014; a
1.7 percent coupon rate with semiannual frequency; a par value of $1,000; and a basis of
30/360. The accrued interest formula is =ACCRINT("3/1/14", "9/1/14", "4/1/14", 0.017, 1000,
2, 0), which returns 1.4167, indicating that $1.42 accrues from March 1, 2014, to April 1,
2014.
Similarly, the ACCRINTM function returns the interest accrued by a maturity security (a
type of security not only with a rhyming name but that also pays interest at maturity).
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