Description
Received returns the amount received for a "fully invested" security at maturity.
Overloads
Received (settlementDate, maturityDate, investment, discountRate)
Received (settlementDate, maturityDate, investment, discountRate, basis)
Arguments
settlementDate is a
Date or
DateTime specifying when the security was purchased.
maturityDate is a
Date or
DateTime after the settlement date specifying when the security matures.
investment is a positive number or currency specifying the amount of the investment.
discountRate is a positive number specifying the discount rate for the security.
basis is an optional number specifying the day basis system to use. The following types are supported:
0 - American 30/360 (default)
Action
Received returns the amount received for a "fully invested" security at maturity. Discounted securities are usually sold at an even par value at maturity. Therefore when purchased, the value of the security is discounted to some non-round number. Since investors commonly want to "fully invest" or invest round dollar amounts (such as $100,000) special calculations are needed. The Received function calculates a par value such that when the discount rate is applied for the time period specified, the discounted value is equal to the investment amount.
Examples
Suppose $10,000 is invested at a discount rate of 6.5% between March 15, 2000 and the security's maturity date on June 1, 2000 using the American 30/360 basis.
Received (DateValue(2000,3,15),DateValue(2000,6,1),10000,0.065,0)
Returns $10,139.13 as the par value for this security.
Comments
This function is similar to the Excel function of the same name.