The INTRATE function calculates the interest rate for a fully invested security.
|settlement||he security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer|
|maturity||The security’s maturity date. The maturity date is the date when the security expires|
|investment||The amount invested in the security|
|redemption||The amount to be received at maturity|
|[basis]||Optional. Defines the day count basis to be used in the calculation
The financial day count basis rules are explained further on the Wikipedia Day Count Convention page
Note: The settlement and maturity dates should be input as either:
- References to cells containing dates, or
- Dates returned from formulas
If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.
Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.
|9||=INTRATE(A2,A3,A4,A5,A6)||5.77%||Discount rate, for the terms of the bond above|
|10||=INTRATE(DATE(2013,2,15),A3,A4,A5,A6)||5.77%||Settlement date entered as a function|
Common Function Error(s)
|Problem||What went wrong|
|#VALUE!||Occurs if either of the supplied settlement or maturity arguments are not valid dates or any of the other arguments are not recognized as numeric values|
|#NAME?||Occurs when Analysis ToolPak add-in is not enabled|
|Result is presented as a decimal or 0%||Likely due to the formatting of the cell containing the function and can be fixed by formatting the cell as a percentage, with decimal places|
INTRATE is calculated as follows:
- B = number of days in a year, depending on the [basis]
- DIM = number of days from settlement to maturity