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|
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:
Based on the Excel spreadsheet above, the following RECEIVED examples would return:
- #VALUE! error – Occurs if:
- Any of the given arguments are non-numeric.
- The settlement or maturity arguments provided are not valid Excel dates.
- #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.
- 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.