November 30, 2023

# How to use RECEIVED Function in Excel

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

Syntax:=RECEIVED (settlement, maturity, investment, discount, [basis])

The RECEIVED function syntax has the following arguments:

• Settlement    Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
• Maturity    Required. The security’s maturity date. The maturity date is the date when the security expires.
• Investment    Required. The amount invested in the security.
• Discount    Required. The security’s discount rate.
• Basis    Optional. The type of day count basis to use.
Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Example: Let’s look at some Excel RECEIVED function examples and explore how to use the RECEIVED function as a worksheet function in Microsoft Excel: Result: Based on the Excel spreadsheet above, the following RECEIVED examples would return:

Result: 2574459.078

Result: 2574459.078

Result: 2574459.078

Note:

1. #VALUE! error – Occurs if:
• Any of the given arguments are non-numeric.
• The settlement or maturity arguments provided are not valid Excel dates.
2. #NUM! error – Occurs if:
• The investment or discount argument provided is less than or equal to zero.
• The basis argument given is not equal to 0,1,2,3, or 4.
• The given maturity date is less than or equal to the settlement date.
3. RECEIVED is calculated as follows: where:
• B = number of days in a year, depending on the year basis.
• DIM = number of days from issue to maturity.

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