# Documentation/Calc Functions/PRICEDISC

PRICEDISC

## Category:

Financial Analysis

## Summary:

Calculates the price per 100 currency units of par value of a non-interest- bearing security.

## Syntax:

PRICEDISC(Settlement; Maturity; Discount; Redemption[; Basis])

## Returns:

Returns a non-negative real number which is the price of a security with a discount per 100 currency units of face value.

## Arguments:

Settlement is a date or a reference to a cell containing that date which is the date of purchase of the security.

Maturity is a date or a reference to a cell containing that date which is the date on which the security matures (expires).

Discount is a positive real number or a reference to the cell containing that number which is the discount of security as a percentage.

Redemption is a positive real number or a reference to a cell containing that number which is the redemption value per 100 currency units of par value.

Basis is a positive integer from 0 to 4 or a reference to a cell containing that integer which is chosen from a list of options and indicates how the year is to be calculated. For more information, visit Wikipedia's Day count convention page.

Basis Calculation
0 or missing US method (NASD), 12 months of 30 days each
1 Exact number of days in months, exact number of days in year.
2 Exact number of days in month, year has 360 days.
3 Exact number of days in month, year has 365 days.
4 European method, 12 months of 30 days each.

• If either Maturity or Settlement is not valid dates then the function returns an value(#VALUE!) error.
• If Settlement date is after the Maturity date then the function returns an error value.
• If Basis is a non-integer value, then the function uses their floor value, i.e. they are truncated to an integer value.
• If either of Discount or Redemption is less than or equal to 0 then the function returns an error value.
• After truncation if Basis is any number except 0,1,2,3,4 or missing (passed as empty argument or not passed at all),then the function will return an error value.

None

## Examples:

Formula Description Returns
=PRICEDISC("1999-02-15"; "1999-03-01"; 0.0525; 100; 2) A security is purchased on 1999-02-15; the maturity date is 1999-03-01. Discount in per cent is 5.25%. The redemption value is 100. When calculating on basis 4, the function returns price discount. 99.7666666666667
=PRICEDISC("1999-02-15"; "1999-03-01"; 0.0525; 100) A security is purchased on 1999-02-15; the maturity date is 1999-03-01. Discount in per cent is 5.25%. The redemption value is 100. When calculating on basis 0 by default, the function returns price discount. 99.7958333333333
=PRICEDISC("1999-02-15.05"; "1999-03-01"; 0.0525; 100; 2) The function returns an error value if either Settlement or Maturity are not valid dates. #VALUE!
=PRICEDISC("2008-02-15"; "1999-03-01"; 0.0525; 100; 2) The function returns an error when Settlement date is after the Maturity date. Err:502

PRICEDISC