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Step 1
Install the Analysis ToolPak if ACCRINT returns the #NAME? error value. Select Add-Ins from the Tools menu. Mark the checkbox next to Analysis ToolPak and click on the OK button to install it.
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Step 2
Learn the syntax for ACCRINT. It is ACCRINT(issue_date,interest_date,settlement_date,interest_rate[,value],frequency[,basis]). Issue_date is the investment's date of issue; interest_date is the first date that interest is paid; settlement_date is the date the investment is traded to the buyer; interest_rate is the investment's annual coupon rate; value is the investment's value; frequency is the number of payments per year; and basis provides the method to use when counting the days between dates.
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Step 3
Enter the arguments for ACCRINT. The dates should be calculated with a formula or function that returns a date value. This will avoid the problems that may occur when entering a date as text. The value of the investment is optional and defaults to $1,000. The payment frequency can be 1 for annual, 2 for semiannual or four for quarterly.
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Step 4
Specify the basis, if needed. The default is zero and indicates the days in the month are to be counted with the United States' 30-day method and a 360-day year. A 1 uses the actual number of days in the year. A 2 uses the number of days in the month with a 360-day year while a 3 assumes a 365-day year. A 4 is the same as 1 but uses the European 30-day method.
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Step 5
Look at this example of ACCRINT. =ACCRINT(DATE(2008,3,1),DATE(2008,8,21),DATE(2008,5,1),10%,1000,2,0) will return $16.67. This is the accrued interest on a $1,000 investment issued on March 1, 2008, where the first payment is made on August 21, 2008, and the investment is settled on May 1, 2008. The interest rate is 10 percent and payments will be made semiannually with the assumption of a 360-day year.
Comments
lorigist said
on 5/5/2009 Thanks - learned something new here!