The Excel RECEIVED Function

Function Description

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

The syntax of the function is:

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

where the arguments are:

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.
[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
1 actual/actual
2 actual/360
3 actual/365
4 European 30/360
The financial day count basis rules are explained further on the Wikipedia Day Count Convention page

Note also, that Microsoft recommends 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.

Received Function Example

Cell A3 of the following spreadsheet shows the Excel Received function, 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 matured on 31-Mar-2016, with a discount rate of 4.5%. The US (NASD) 30/360 day count basis is used:

  A B
1 Settlement Date: 01-Apr-2011
2 Maturity Date: 31-Mar-2016
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:

For further examples of the Excel Received function, see 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 ≤ 0;
  • The [basis] argument is supplied and is not equal to 0, 1, 2, 3 or 4;
  • The supplied maturity date is ≤ the supplied settlement date;

Occurs if either:

  • The supplied settlement or maturity arguments are not a valid Excel dates;
  • Any of the supplied arguments are non-numeric.