# The Excel RECEIVED Function

## Basic Description

The Excel RECEIVED function calculates the amount received at maturity for a fully invested security.

The format of the function is :

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

where the arguments are as shown in the table below:

settlement-The security's settlement date (ie. the date that the coupon is purchased)
maturity-The security's maturity date (ie. the date that the coupon expires)
investment-The initial amount invested into the security
discount-The security's discount rate
[basis]-An optional argument which defines the day count basis to be used in the calculation.
Possible values of the [basis] argument, and their meanings are :
[basis]Day Count Basis
0 (or omitted)US (NASD) 30/360
1actual/actual
2actual/360
3actual/365
4European 30/360
The financial day count basis rules are explained further on the Wikipedia Day Count Convention page

Note that the settlement and maturity dates should be input as either:

• References to cells containing dates
or
• Dates returned from formulas

- If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.

Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.

## Received Function Example

In the spreadsheet below, the Excel Received function is used to calculate amount received at maturity, on an investment of \$1,000, which was used to purchase a security on 01-Apr-2005. The security matured on 1-Mar-2010, with a discount rate of 4.5%, and the US (NASD) 30/360 day count basis is used:

The formula in the above spreadsheet returns the value \$1,290.32.

Note that, in this example, the [basis] argument is omitted and so takes on the default of 0 (and therefore uses the US (NASD) 30/360 basis)

Note also that, as recommended by Microsoft, the dates are not typed directly into the function. Instead, in this example, the Excel Date function has been used.

Further examples of the Excel Received function can be found on the Microsoft Office website.

## Received Function Errors

If you get an error from the Excel Received Function, this is likely to be one of the following :

Common Errors
 #NUM! - Occurs if either:the supplied investment or the supplied discount argument is ≤ 0the basis argument is supplied and is not equal to 0, 1, 2, 3 or 4the supplied maturity date is ≤ the supplied settlement date #VALUE! - Occurs if either of the supplied settlement or maturity arguments are not valid dates or any of the other arguments are not recognised as numeric values #NAME? - Occurs when Analysis ToolPak add-in is not enabled in your Excel. You will need to enable the add-in if you want to use the Excel Intrate function.