Documentation/How Tos/Calc: RECEIVED function
From Apache OpenOffice Wiki
RECEIVED
Calculates the amount received at maturity for a zero coupon bond.
Syntax:
RECEIVED(settlementdate; maturitydate; purchasevalue; discountrate; basis)
- 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.
Example:
RECEIVED("2009-06-01"; "2009-12-31"; 10000; 5%; 1)
- returns approximately 10300.5503.
Issues:
- Calc and Excel do not agree on the number of days in a year in basis 1. It is not clear which is theoretically correct. Calc uses the number of days in the year containing settlementdate. See Issue 93527.
- Excel appears to have a bug for basis 4.