The Excel RECEIVED function calculates the amount received at maturity for a fully invested security.
The format of the function is:
where the arguments are as shown in the table below:
|settlement||-||The security's settlement date (i.e. the date that the coupon is purchased).|
|maturity||-||The security's maturity date (i.e. the date that the coupon expires).|
|investment||-||The initial amount invested into the security.|
|discount||-||The security's discount rate.|
Possible values of the [basis] argument, and their meanings are:
The financial day count basis rules are explained further on the Wikipedia Day Count Convention page
Note also, that the settlement and maturity arguments should be entered into the Received function as either:
Warning: If you attempt to input the date arguments as text, the interpretion of these can differ, depending to the date system and date interpretation settings on your computer.
In cell A3 of 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-2011. The security matures on 31-Mar-2016, with a discount rate of 4.5%. The US (NASD) 30/360 day count basis is used:
|3||=RECEIVED( B1, B2, 1000, 4.5% )|
The formula in the above spreadsheet returns the value $1,290.32.
Note that, in the above example:
Further examples of the Excel Received function can be found on the Microsoft Office website.
If you get an error from the Excel Received Function, this is likely to be one of the following: