## Category:

Financial Analysis

## Summary:

Calculates the amount received that is paid for fixed-interest security at a given point in time.

## Syntax:

RECEIVED(Settlement; Maturity; Investment; Discount[; Basis])

## Returns:

Returns a positive real number (in currency units) which is the amount received at maturity for a zero-coupon bond.

## 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).

Investment is a real number or a reference to the cell containing that number which is the purchase sum.

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

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 Investment or Discount is less than or equal to 0 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.
• 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.

• The formula for RECEIVED is:

## Examples:

Formula Description Returns
=RECEIVED("1999-02-15";"1999-05-15";1000;0.0575;2) Settlement date: February 15 1999, maturity date: May 15 1999, investment sum: 1000 currency units, discount: 5.75 per cent, basis: Daily balance/360 = 2. The function calculates the amount received on the maturity date. 1014.42026586264
=RECEIVED("1999-02-15";"1999-05-15";1000;0.0575) Settlement date: February 15 1999, maturity date: May 15 1999, investment sum: 1000 currency units, discount: 5.75 per cent, basis: 0 by default (12 months of 30 days). The function calculates the amount received on the maturity date. 1014.25593057982
=RECEIVED("1999-02-15.05";"1999-05-15";1000;0.0575;2) The function returns an error value if either Settlement or Maturity are not valid dates. #VALUE!
=RECEIVED("1999-02-15";"1999-05-15";1000;0.0575;2) The function returns an error when Settlement date is after the Maturity date. Err:502
=RECEIVED("1999-02-15";"1999-05-15";0;0.0575;2) The function returns an error when Settlement date is after the Maturity date. Err:502