# Difference between revisions of "Documentation/How Tos/Calc: RECEIVED function"

Calculates the amount received at maturity for a zero coupon bond.

### Syntax:

settlementdate: the settlement (purchase) date of the bond.
maturitydate: the maturity (redemption) date of the bond.
purchasevalue: the value of the bond at purchase.
discountrate: the discount rate of the bond.
basis: is the calendar system to use. Defaults to 0 if omitted.
0 - US method (NASD), 12 months of 30 days each
1 - Actual number of days in months, actual number of days in year
2 - Actual number of days in month, year has 360 days
3 - Actual number of days in month, year has 365 days
4 - European method, 12 months of 30 days each

RECEIVED calculates the amount returned at maturity for a discounted bond which pays no interest. It returns:
purchasevalue / ( 1 - days_difference/days_in_year),
where days_difference is the number of days between settlementdate and maturitydate, and days_in_year is the number of days in a year, both calculated according to the calendar system basis.
As the formula takes no account of compounding, this function is most reliable for periods of less than a year. See Derivation of Financial Formulas for a formula review.