Microsoft Office Tutorials and References
In Depth Information
ODDFPRICE
Figure 6.25
NPV calculates the net
present value of an
investment with the
discount rate and
several future payments
and income.
A
The NPV as
a result of cell
referencing
ODDFPRICE
ODDFPRICE returns the value of a security based on a per $100 face value and an odd (short or
long) first period.
=ODDFPRICE(settlement,maturity,issue,first_coupon,rate,yield,redemption,frequency,
basis)
The ODDFPRICE function returns the security’s price per $100 face value of a security with an
odd (long or short) first period. For example, take a look at Figure 6.26. You’ll see that the
settlement date is 11/11/1996 and the maturity date is 3/1/2011. The issue date is
10/15/1996 with the first coupon date being 3/1/1997. The securities interest rate is 9.3%.
The yield is 7.8% and the redemption value is $100 with the frequency set semiannually. The
basis is Actual/actual. You’ll also see that the price per $100 face value of the security is $113.
The ODDFPRICE function is found only if the Analysis Toolpak is installed. It must be turned on
using the Add-Ins command from the Tools menu.
The security’s settlement date. This is the date after the issue date
when the security is traded to the buyer.
SETTLEMENT
The security’s maturity date—the date when the security expires.
MATURITY
The security’s actual issue date.
ISSUE
The date of the security’s first coupon.
FIRST_COUPON
The interest rate of the security.
RATE
The annual yield of the security.
YIELD
The redemption value of the security per $100 face value.
REDEMPTION
The number of payments per year—Annual = 1; Semiannual = 2;
Quarterly = 4.
FREQUENCY
The day count basis to use.
BASIS
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