# Finance

- ACCRINT — accrued interest
- ACCRINTM — accrued interest
- AMORDEGRC — depreciation of an asset using French accounting conventions
- AMORLINC — depreciation of an asset using French accounting conventions
- COUPDAYBS — number of days from coupon period to settlement
- COUPDAYS — number of days in the coupon period of the settlement date
- COUPDAYSNC — number of days from the settlement date to the next coupon period
- COUPNCD — the next coupon date after settlement
- COUPNUM — number of coupons
- COUPPCD — the last coupon date before settlement
- CUM_BIV_NORM_DIST — cumulative bivariate normal distribution
- CUMIPMT — cumulative interest payment
- CUMPRINC — cumulative principal
- DB — depreciation of an asset
- DDB — depreciation of an asset
- DISC — discount rate
- DOLLARDE — convert to decimal dollar amount
- DOLLARFR — convert to dollar fraction
- DURATION — the (Macaulay) duration of a security
- EFFECT — effective interest rate
- EURO — equivalent of 1 EUR
- EUROCONVERT — pre-Euro amount from one currency to another
- FV — future value
- FVSCHEDULE — future value
- G_DURATION — the duration of a investment
- INTRATE — interest rate
- IPMT — interest payment for period
- IRR — internal rate of return
- ISPMT — interest payment for period
- MDURATION — the modified (Macaulay) duration of a security
- MIRR — modified internal rate of return
- NOMINAL — nominal interest rate
- NPER — number of periods
- NPV — net present value
- ODDFPRICE — price of a security that has an odd first period
- ODDFYIELD — yield of a security that has an odd first period
- ODDLPRICE — price of a security that has an odd last period
- ODDLYIELD — yield of a security that has an odd last period
- OPT_2_ASSET_CORRELATION — theoretical price of options on 2 assets with correlation rho
- OPT_AMER_EXCHANGE — theoretical price of an American option to exchange assets
- OPT_BAW_AMER — theoretical price of an option according to the Barone Adesie & Whaley approximation
- OPT_BINOMIAL — theoretical price of either an American or European style option using a binomial tree
- OPT_BJER_STENS — theoretical price of American options according to the Bjerksund & Stensland approximation technique
- OPT_BS — price of a European option
- OPT_BS_CARRYCOST — elasticity of a European option
- OPT_BS_DELTA — delta of a European option
- OPT_BS_GAMMA — gamma of a European option
- OPT_BS_RHO — rho of a European option
- OPT_BS_THETA — theta of a European option
- OPT_BS_VEGA — vega of a European option
- OPT_COMPLEX_CHOOSER — theoretical price of a complex chooser option
- OPT_EURO_EXCHANGE — theoretical price of a European option to exchange assets
- OPT_EXEC — theoretical price of executive stock options
- OPT_EXTENDIBLE_WRITER — theoretical price of extendible writer options
- OPT_FIXED_STRK_LKBK — theoretical price of a fixed-strike lookback option
- OPT_FLOAT_STRK_LKBK — theoretical price of floating-strike lookback option
- OPT_FORWARD_START — theoretical price of forward start options
- OPT_FRENCH — theoretical price of a European option adjusted for trading day volatility
- OPT_GARMAN_KOHLHAGEN — theoretical price of a European currency option
- OPT_JUMP_DIFF — theoretical price of an option according to the Jump Diffusion process
- OPT_MILTERSEN_SCHWARTZ — theoretical price of options on commodities futures according to Miltersen & Schwartz
- OPT_ON_OPTIONS — theoretical price of options on options
- OPT_RGW — theoretical price of an American option according to the Roll-Geske-Whaley approximation
- OPT_SIMPLE_CHOOSER — theoretical price of a simple chooser option
- OPT_SPREAD_APPROX — theoretical price of a European option on the spread between two futures contracts
- OPT_TIME_SWITCH — theoretical price of time switch options
- PMT — payment for annuity
- PPMT — interest payment for period
- PRICE — price of a security
- PRICEDISC — discounted price
- PRICEMAT — price at maturity
- PV — present value
- RATE — rate of investment
- RECEIVED — amount to be received at maturity
- RRI — equivalent interest rate for an investment increasing in value
- SLN — depreciation of an asset
- SYD — sum-of-years depreciation
- TBILLEQ — bond-equivalent yield for a treasury bill
- TBILLPRICE — price of a treasury bill
- TBILLYIELD — yield of a treasury bill
- VDB — depreciation of an asset
- XIRR — internal rate of return
- XNPV — net present value
- YIELD — yield of a security
- YIELDDISC — yield of a discounted security
- YIELDMAT — yield of a security

## ACCRINT

### Synopsis

ACCRINT(issue,first_interest,settlement,rate,par,frequency,basis,calc_method)

### Arguments

issue: date of issue

first_interest: date of first interest payment

settlement: settlement date

rate: nominal annual interest rate

par: par value, defaults to $1000

frequency: number of interest payments per year

basis: calendar basis, defaults to 0

calc_method: calculation method, defaults to TRUE

### Description

If first_interest < settlement and calc_method is TRUE, then ACCRINT returns the sum of the interest accrued in all coupon periods from issue date until settlement date.

If first_interest < settlement and calc_method is FALSE, then ACCRINT returns the sum of the interest accrued in all coupon periods from first_interest date until settlement date.

Otherwise ACCRINT returns the sum of the interest accrued in all coupon periods from issue date until settlement date.

### Note

frequency must be one of 1, 2 or 4, but the exact value does not affect the result. issue must precede both first_interest and settlement. frequency may be 1 (annual), 2 (semi-annual), or 4 (quarterly). If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## ACCRINTM

### Synopsis

ACCRINTM(issue,maturity,rate,par,basis)

### Arguments

issue: date of issue

maturity: maturity date

rate: nominal annual interest rate

par: par value

basis: calendar basis

### Description

ACCRINTM calculates the accrued interest from issue to maturity.

### Note

par defaults to $1000. If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## AMORDEGRC

### Synopsis

AMORDEGRC(cost,purchase_date,first_period,salvage,period,rate,basis)

### Arguments

cost: initial cost of asset

purchase_date: date of purchase

first_period: end of first period

salvage: value after depreciation

period: subject period

rate: depreciation rate

basis: calendar basis

### Description

AMORDEGRC calculates the depreciation of an asset using French accounting conventions. Assets purchased in the middle of a period take prorated depreciation into account. This is similar to AMORLINC, except that a depreciation coefficient is applied in the calculation depending on the life of the assets.

The depreciation coefficient used is:

1.0 for an expected lifetime less than 3 years,

1.5 for an expected lifetime of at least 3 years but less than 5 years,

2.0 for an expected lifetime of at least 5 years but at most 6 years,

2.5 for an expected lifetime of more than 6 years.

### Note

Special depreciation rules are applied for the last two periods resulting in a possible total depreciation exceeding the difference of cost - salvage. Named for AMORtissement DEGRessif Comptabilite. If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## AMORLINC

### Synopsis

AMORLINC(cost,purchase_date,first_period,salvage,period,rate,basis)

### Arguments

cost: initial cost of asset

purchase_date: date of purchase

first_period: end of first period

salvage: value after depreciation

period: subject period

rate: depreciation rate

basis: calendar basis

### Description

AMORLINC calculates the depreciation of an asset using French accounting conventions. Assets purchased in the middle of a period take prorated depreciation into account.

### Note

Named for AMORtissement LINeaire Comptabilite. If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## COUPDAYBS

### Synopsis

COUPDAYBS(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPDAYBS calculates the number of days from the beginning of the coupon period to the settlement date.

### Note

frequency may be 1 (annual), 2 (semi-annual), or 4 (quarterly). If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## COUPDAYS

### Synopsis

COUPDAYS(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPDAYS calculates the number of days in the coupon period of the settlement date.

### Note

frequency may be 1 (annual), 2 (semi-annual), or 4 (quarterly). If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## COUPDAYSNC

### Synopsis

COUPDAYSNC(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPDAYSNC calculates number of days from the settlement date to the next coupon period.

### Note

frequency may be 1 (annual), 2 (semi-annual), or 4 (quarterly). If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

## COUPNCD

### Synopsis

COUPNCD(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPNCD calculates the coupon date following settlement.

### Note

## COUPNUM

### Synopsis

COUPNUM(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPNUM calculates the number of coupons to be paid between the settlement and maturity dates, rounded up.

### Note

## COUPPCD

### Synopsis

COUPPCD(settlement,maturity,frequency,basis,eom)

### Arguments

settlement: settlement date

maturity: maturity date

frequency: number of interest payments per year

basis: calendar basis

eom: end-of-month flag

### Description

COUPPCD calculates the coupon date preceding settlement.

### Note

## CUM_BIV_NORM_DIST

### Synopsis

CUM_BIV_NORM_DIST(a,b,rho)

### Arguments

a: limit for first random variable

b: limit for second random variable

rho: correlation of the two random variables

### Description

CUM_BIV_NORM_DIST calculates the probability that two standard normal distributed random variables with correlation rho are respectively each less than a and b.

## CUMIPMT

### Synopsis

CUMIPMT(rate,nper,pv,start_period,end_period,type)

### Arguments

rate: interest rate per period

nper: number of periods

pv: present value

start_period: first period to accumulate for

end_period: last period to accumulate for

type: payment type

### Description

CUMIPMT calculates the cumulative interest paid on a loan from start_period to end_period.

### Note

If type is 0, the default, payment is at the end of each period. If type is 1, payment is at the beginning of each period.

### See also

IPMT.

## CUMPRINC

### Synopsis

CUMPRINC(rate,nper,pv,start_period,end_period,type)

### Arguments

rate: interest rate per period

nper: number of periods

pv: present value

start_period: first period to accumulate for

end_period: last period to accumulate for

type: payment type

### Description

CUMPRINC calculates the cumulative principal paid on a loan from start_period to end_period.

### Note

If type is 0, the default, payment is at the end of each period. If type is 1, payment is at the beginning of each period.

### See also

PPMT.

## DB

### Synopsis

DB(cost,salvage,life,period,month)

### Arguments

cost: initial cost of asset

salvage: value after depreciation

life: number of periods

period: subject period

month: number of months in first year of depreciation

### Description

DB calculates the depreciation of an asset for a given period using the fixed-declining balance method.

## DDB

### Synopsis

DDB(cost,salvage,life,period,factor)

### Arguments

cost: initial cost of asset

salvage: value after depreciation

life: number of periods

period: subject period

factor: factor at which the balance declines

### Description

DDB calculates the depreciation of an asset for a given period using the double-declining balance method.

## DISC

### Synopsis

DISC(settlement,maturity,par,redemption,basis)

### Arguments

settlement: settlement date

maturity: maturity date

par: price per $100 face value

redemption: amount received at maturity

basis: calendar basis

### Description

DISC calculates the discount rate for a security.

### Note

redemption is the redemption value per $100 face value. If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## DOLLARDE

### Synopsis

DOLLARDE(fractional_dollar,fraction)

### Arguments

fractional_dollar: amount to convert

fraction: denominator

### Description

DOLLARDE converts a fractional dollar amount into a decimal amount. This is the inverse of the DOLLARFR function.

### See also

## DOLLARFR

### Synopsis

DOLLARFR(decimal_dollar,fraction)

### Arguments

decimal_dollar: amount to convert

fraction: denominator

### Description

DOLLARFR converts a decimal dollar amount into a fractional amount which is represented as the digits after the decimal point. For example, 2/8 would be represented as .2 while 3/16 would be represented as .03. This is the inverse of the DOLLARDE function.

### See also

## DURATION

### Synopsis

DURATION(settlement,maturity,coupon,yield,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

coupon: annual coupon rate

yield: annual yield of security

frequency: number of interest payments per year

basis: calendar basis

### Description

DURATION calculates the (Macaulay) duration of a security.

### Note

### See also

## EFFECT

### Synopsis

EFFECT(rate,nper)

### Arguments

rate: nominal annual interest rate

nper: number of periods used for compounding

### Description

EFFECT calculates the effective interest rate using the formula (1+rate/nper)^nper-1.

### See also

## EURO

### Synopsis

EURO(currency)

### Arguments

currency: three-letter currency code

### Description

EURO calculates the national currency amount corresponding to 1 EUR for any of the national currencies that were replaced by the Euro on its introduction.

### Note

currency must be one of ATS (Austria), BEF (Belgium), CYP (Cyprus), DEM (Germany), EEK (Estonia), ESP (Spain), EUR (Euro), FIM (Finland), FRF (France), GRD (Greece), IEP (Ireland), ITL (Italy), LUF (Luxembourg), MTL (Malta), NLG (The Netherlands), PTE (Portugal), SIT (Slovenia), or SKK (Slovakia). This function is not likely to be useful anymore.

### See also

## EUROCONVERT

### Synopsis

EUROCONVERT(n,source,target,full_precision,triangulation_precision)

### Arguments

n: amount

source: three-letter source currency code

target: three-letter target currency code

full_precision: whether to provide the full precision; defaults to false

triangulation_precision: number of digits (at least 3) to be rounded to after conversion of the source currency to euro; defaults to no rounding

### Description

EUROCONVERT converts n units of currency source to currency target. The rates used are the official ones used on the introduction of the Euro.

### Note

If full_precision is true, the result is not rounded; if it false the result is rounded to 0 or 2 decimals depending on the target currency; defaults to false. source and target must be one of the currencies listed for the EURO function. This function is not likely to be useful anymore.

### See also

EURO.

## FV

### Synopsis

FV(rate,nper,pmt,pv,type)

### Arguments

rate: effective interest rate per period

nper: number of periods

pmt: payment at each period

pv: present value

type: payment type

### Description

FV calculates the future value of pv moved nper periods into the future, assuming a periodic payment of pmt and an interest rate of rate per period.

### Note

If type is 0, the default, payment is at the end of each period. If type is 1, payment is at the beginning of each period.

### See also

PV.

## FVSCHEDULE

### Synopsis

FVSCHEDULE(principal,schedule)

### Arguments

principal: initial value

schedule: range of interest rates

### Description

FVSCHEDULE calculates the future value of principal after applying a range of interest rates with compounding.

### See also

FV.

## G_DURATION

### Synopsis

G_DURATION(rate,pv,fv)

### Arguments

rate: effective annual interest rate

pv: present value

fv: future value

### Description

G_DURATION calculates the number of periods needed for an investment to attain a desired value.

### OpenDocument Format (ODF) Compatibility

G_DURATION is the OpenFormula function PDURATION.

## INTRATE

### Synopsis

INTRATE(settlement,maturity,investment,redemption,basis)

### Arguments

settlement: settlement date

maturity: maturity date

investment: amount paid on settlement

redemption: amount received at maturity

basis: calendar basis

### Description

INTRATE calculates the interest of a fully vested security.

### Note

If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## IPMT

### Synopsis

IPMT(rate,per,nper,pv,fv,type)

### Arguments

rate: effective annual interest rate

per: period number

nper: number of periods

pv: present value

fv: future value

type: payment type

### Description

IPMT calculates the interest part of an annuity's payment for period number per.

### Note

### See also

PPMT.

## IRR

### Synopsis

IRR(values,guess)

### Arguments

values: cash flow

guess: an estimate of what the result should be

### Description

IRR calculates the internal rate of return of a cash flow with periodic payments. values lists the payments (negative values) and receipts (positive values) for each period.

### Note

The optional guess is needed because there can be more than one valid result. It defaults to 10%.

### See also

XIRR.

## ISPMT

### Synopsis

ISPMT(rate,per,nper,pv)

### Arguments

rate: effective annual interest rate

per: period number

nper: number of periods

pv: present value

### Description

ISPMT calculates the interest payment for period number per.

### See also

PV.

## MDURATION

### Synopsis

MDURATION(settlement,maturity,coupon,yield,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

coupon: annual coupon rate

yield: annual yield of security

frequency: number of interest payments per year

basis: calendar basis

### Description

MDURATION calculates the modified (Macaulay) duration of a security.

### Note

### See also

## MIRR

### Synopsis

MIRR(values,finance_rate,reinvest_rate)

### Arguments

values: cash flow

finance_rate: interest rate for financing cost

reinvest_rate: interest rate for reinvestments

### Description

MIRR calculates the modified internal rate of return of a periodic cash flow.

## NOMINAL

### Synopsis

NOMINAL(rate,nper)

### Arguments

rate: effective annual interest rate

nper: number of periods used for compounding

### Description

NOMINAL calculates the nominal interest rate from the effective rate.

### See also

## NPER

### Synopsis

NPER(rate,pmt,pv,fv,type)

### Arguments

rate: effective annual interest rate

pmt: payment at each period

pv: present value

fv: future value

type: payment type

### Description

NPER calculates the number of periods of an investment based on periodic constant payments and a constant interest rate.

### Note

## NPV

### Synopsis

NPV(rate,value1,value2,…)

### Arguments

rate: effective interest rate per period

value1: cash flow for period 1

value2: cash flow for period 2

### Description

NPV calculates the net present value of a cash flow.

### See also

PV.

## ODDFPRICE

### Synopsis

ODDFPRICE(settlement,maturity,issue,first_interest,rate,yield,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

issue: date of issue

first_interest: first interest date

rate: nominal annual interest rate

yield: annual yield of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

ODDFPRICE calculates the price per $100 face value of a security that pays periodic interest, but has an odd first period.

### Note

## ODDFYIELD

### Synopsis

ODDFYIELD(settlement,maturity,issue,first_interest,rate,price,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

issue: date of issue

first_interest: first interest date

rate: nominal annual interest rate

price: price of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

ODDFYIELD calculates the yield of a security that pays periodic interest, but has an odd first period.

### Note

## ODDLPRICE

### Synopsis

ODDLPRICE(settlement,maturity,last_interest,rate,yield,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

last_interest: last interest date

rate: nominal annual interest rate

yield: annual yield of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

ODDLPRICE calculates the price per $100 face value of a security that pays periodic interest, but has an odd last period.

### Note

## ODDLYIELD

### Synopsis

ODDLYIELD(settlement,maturity,last_interest,rate,price,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

last_interest: last interest date

rate: nominal annual interest rate

price: price of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

ODDLYIELD calculates the yield of a security that pays periodic interest, but has an odd last period.

### Note

## OPT_2_ASSET_CORRELATION

### Synopsis

OPT_2_ASSET_CORRELATION(call_put_flag,spot1,spot2,strike1,strike2,time,cost_of_carry1,cost_of_carry2,rate,volatility1,volatility2,rho)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot1: spot price of the underlying asset of the first option

spot2: spot price of the underlying asset of the second option

strike1: strike prices of the first option

strike2: strike prices of the second option

time: time to maturity in years

cost_of_carry1: net cost of holding the underlying asset of the first option (for common stocks, the risk free rate less the dividend yield)

cost_of_carry2: net cost of holding the underlying asset of the second option (for common stocks, the risk free rate less the dividend yield)

rate: annualized risk-free interest rate

volatility1: annualized volatility in price of the underlying asset of the first option

volatility2: annualized volatility in price of the underlying asset of the second option

rho: correlation between the two underlying assets

### Description

OPT_2_ASSET_CORRELATION models the theoretical price of options on 2 assets with correlation rho. The payoff for a call is max(spot2 - strike2,0) if spot1 > strike1 or 0 otherwise. The payoff for a put is max (strike2 - spot2, 0) if spot1 < strike1 or 0 otherwise.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_AMER_EXCHANGE

### Synopsis

OPT_AMER_EXCHANGE(spot1,spot2,qty1,qty2,time,rate,cost_of_carry1,cost_of_carry2,volatility1,volatility2,rho)

### Arguments

spot1: spot price of asset 1

spot2: spot price of asset 2

qty1: quantity of asset 1

qty2: quantity of asset 2

time: time to maturity in years

rate: annualized risk-free interest rate

cost_of_carry1: net cost of holding asset 1 (for common stocks, the risk free rate less the dividend yield)

cost_of_carry2: net cost of holding asset 2 (for common stocks, the risk free rate less the dividend yield)

volatility1: annualized volatility in price of asset 1

volatility2: annualized volatility in price of asset 2

rho: correlation between the prices of the two assets

### Description

OPT_AMER_EXCHANGE models the theoretical price of an American option to exchange one asset with quantity qty2 and spot price spot2 for another with quantity qty1 and spot price spot1.

### See also

OPT_EURO_EXCHANGE, OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_BAW_AMER

### Synopsis

OPT_BAW_AMER(call_put_flag,spot,strike,time,rate,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in days

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_BINOMIAL

### Synopsis

OPT_BINOMIAL(amer_euro_flag,call_put_flag,num_time_steps,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

amer_euro_flag: 'a' for an American style option or 'e' for a European style option

call_put_flag: 'c' for a call and 'p' for a put

num_time_steps: number of time steps used in the valuation

spot: spot price

strike: strike price

time: time to maturity in years

rate: annualized risk-free interest rate

volatility: annualized volatility of the asset

cost_of_carry: net cost of holding the underlying asset

### Note

A larger num_time_steps yields greater accuracy but OPT_BINOMIAL is slower to calculate.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_BJER_STENS

### Synopsis

OPT_BJER_STENS(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in days

rate: annualized risk-free interest rate

volatility: annualized volatility of the asset

cost_of_carry: net cost of holding the underlying asset (for common stocks, the risk free rate less the dividend yield), defaults to 0

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_BS

### Synopsis

OPT_BS(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

volatility: annualized volatility of the asset in percent for the period through to the exercise date

cost_of_carry: net cost of holding the underlying asset (for common stocks, the risk free rate less the dividend yield), defaults to 0

### Description

OPT_BS uses the Black-Scholes model to calculate the price of a European option struck at strike on an asset with spot price spot.

### Note

The returned value will be expressed in the same units as strike and spot.

### See also

OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_VEGA, OPT_BS_GAMMA.

## OPT_BS_CARRYCOST

### Synopsis

OPT_BS_CARRYCOST(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

volatility: annualized volatility of the asset in percent for the period through to the exercise date

cost_of_carry: net cost of holding the underlying asset (for common stocks, the risk free rate less the dividend yield), defaults to 0

### Description

OPT_BS_CARRYCOST uses the Black-Scholes model to calculate the 'elasticity' of a European option struck at strike on an asset with spot price spot. The elasticity of an option is the rate of change of its price with respect to its cost_of_carry.

### Note

Elasticity is expressed as the rate of change of the option value, per 100% volatility.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_BS_DELTA

### Synopsis

OPT_BS_DELTA(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

volatility: annualized volatility of the asset in percent for the period through to the exercise date

### Description

OPT_BS_DELTA uses the Black-Scholes model to calculate the 'delta' of a European option struck at strike on an asset with spot price spot.

### Note

The returned value will be expressed in the same units as strike and spot.

### See also

OPT_BS, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_VEGA, OPT_BS_GAMMA.

## OPT_BS_GAMMA

### Synopsis

OPT_BS_GAMMA(spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

### Description

OPT_BS_GAMMA uses the Black-Scholes model to calculate the 'gamma' of a European option struck at strike on an asset with spot price spot. The gamma of an option is the second derivative of its price with respect to the price of the underlying asset.

### Note

Gamma is expressed as the rate of change of delta per unit change in spot. Gamma is the same for calls and puts.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_VEGA.

## OPT_BS_RHO

### Synopsis

OPT_BS_RHO(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

### Description

OPT_BS_RHO uses the Black-Scholes model to calculate the 'rho' of a European option struck at strike on an asset with spot price spot. The rho of an option is the rate of change of its price with respect to the risk free interest rate.

### Note

Rho is expressed as the rate of change of the option value, per 100% change in rate.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_THETA, OPT_BS_VEGA, OPT_BS_GAMMA.

## OPT_BS_THETA

### Synopsis

OPT_BS_THETA(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

### Description

OPT_BS_THETA uses the Black-Scholes model to calculate the 'theta' of a European option struck at strike on an asset with spot price spot. The theta of an option is the rate of change of its price with respect to time to expiry.

### Note

Theta is expressed as the negative of the rate of change of the option value, per 365.25 days.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_VEGA, OPT_BS_GAMMA.

## OPT_BS_VEGA

### Synopsis

OPT_BS_VEGA(spot,strike,time,rate,volatility,cost_of_carry)

### Arguments

spot: spot price

strike: strike price

time: time to maturity in years

rate: risk-free interest rate to the exercise date in percent

### Description

OPT_BS_VEGA uses the Black-Scholes model to calculate the 'vega' of a European option struck at strike on an asset with spot price spot. The vega of an option is the rate of change of its price with respect to volatility.

### Note

Vega is the same for calls and puts. Vega is expressed as the rate of change of option value, per 100% volatility.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_COMPLEX_CHOOSER

### Synopsis

OPT_COMPLEX_CHOOSER(spot,strike_call,strike_put,time,time_call,time_put,rate,cost_of_carry,volatility)

### Arguments

spot: spot price

strike_call: strike price, if exercised as a call option

strike_put: strike price, if exercised as a put option

time: time in years until the holder chooses a put or a call option

time_call: time in years to maturity of the call option if chosen

time_put: time in years to maturity of the put option if chosen

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_EURO_EXCHANGE

### Synopsis

OPT_EURO_EXCHANGE(spot1,spot2,qty1,qty2,time,rate,cost_of_carry1,cost_of_carry2,volatility1,volatility2,rho)

### Arguments

spot1: spot price of asset 1

spot2: spot price of asset 2

qty1: quantity of asset 1

qty2: quantity of asset 2

time: time to maturity in years

rate: annualized risk-free interest rate

cost_of_carry1: net cost of holding asset 1 (for common stocks, the risk free rate less the dividend yield)

cost_of_carry2: net cost of holding asset 2 (for common stocks, the risk free rate less the dividend yield)

volatility1: annualized volatility in price of asset 1

volatility2: annualized volatility in price of asset 2

rho: correlation between the prices of the two assets

### Description

OPT_EURO_EXCHANGE models the theoretical price of a European option to exchange one asset with quantity qty2 and spot price spot2 for another with quantity qty1 and spot price spot1.

### See also

OPT_AMER_EXCHANGE, OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_EXEC

### Synopsis

OPT_EXEC(call_put_flag,spot,strike,time,rate,volatility,cost_of_carry,lambda)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in days

rate: annualized risk-free interest rate

volatility: annualized volatility of the asset

cost_of_carry: net cost of holding the underlying asset

lambda: jump rate for executives

### Note

The model assumes executives forfeit their options if they leave the company.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_EXTENDIBLE_WRITER

### Synopsis

OPT_EXTENDIBLE_WRITER(call_put_flag,spot,strike1,strike2,time1,time2,rate,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike1: strike price at which the option is struck

strike2: strike price at which the option is re-struck if out of the money at time1

time1: initial maturity of the option in years

time2: extended maturity in years if chosen

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### Description

OPT_EXTENDIBLE_WRITER models the theoretical price of extendible writer options. These are options that have their maturity extended to time2 if the option is out of the money at time1.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_FIXED_STRK_LKBK

### Synopsis

OPT_FIXED_STRK_LKBK(call_put_flag,spot,spot_min,spot_max,strike,time,rate,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

spot_min: minimum spot price of the underlying asset so far observed

spot_max: maximum spot price of the underlying asset so far observed

strike: strike price

time: time to maturity in years

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### Description

OPT_FIXED_STRK_LKBK determines the theoretical price of a fixed-strike lookback option where the holder of the option may exercise on expiry at the most favourable price observed during the options life of the underlying asset.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_FLOAT_STRK_LKBK

### Synopsis

OPT_FLOAT_STRK_LKBK(call_put_flag,spot,spot_min,spot_max,time,rate,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

spot_min: minimum spot price of the underlying asset so far observed

spot_max: maximum spot price of the underlying asset so far observed

time: time to maturity in years

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### Description

OPT_FLOAT_STRK_LKBK determines the theoretical price of a floating-strike lookback option where the holder of the option may exercise on expiry at the most favourable price observed during the options life of the underlying asset.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_FORWARD_START

### Synopsis

OPT_FORWARD_START(call_put_flag,spot,alpha,time_start,time,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

alpha: fraction setting the strike price at the future date time_start

time_start: time until the option starts in days

time: time to maturity in days

rate: annualized risk-free interest rate

volatility: annualized volatility of the asset

cost_of_carry: net cost of holding the underlying asset

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_FRENCH

### Synopsis

OPT_FRENCH(call_put_flag,spot,strike,time,ttime,rate,volatility,cost_of_carry)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: ratio of the number of calendar days to exercise and the number of calendar days in the year

ttime: ratio of the number of trading days to exercise and the number of trading days in the year

rate: risk-free interest rate to the exercise date in percent

### Description

OPT_FRENCH values the theoretical price of a European option adjusted for trading day volatility, struck at strike on an asset with spot price spot.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_GARMAN_KOHLHAGEN

### Synopsis

OPT_GARMAN_KOHLHAGEN(call_put_flag,spot,strike,time,domestic_rate,foreign_rate,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: number of days to exercise

domestic_rate: domestic risk-free interest rate to the exercise date in percent

foreign_rate: foreign risk-free interest rate to the exercise date in percent

### Description

OPT_GARMAN_KOHLHAGEN values the theoretical price of a European currency option struck at strike on an asset with spot price spot.

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_JUMP_DIFF

### Synopsis

OPT_JUMP_DIFF(call_put_flag,spot,strike,time,rate,volatility,lambda,gamma)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time: time to maturity in years

rate: the annualized rate of interest

lambda: expected number of 'jumps' per year

gamma: proportion of volatility explained by the 'jumps'

### Description

OPT_JUMP_DIFF models the theoretical price of an option according to the Jump Diffusion process (Merton).

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_MILTERSEN_SCHWARTZ

### Synopsis

OPT_MILTERSEN_SCHWARTZ(call_put_flag,p_t,f_t,strike,t1,t2,v_s,v_e,v_f,rho_se,rho_sf,rho_ef,kappa_e,kappa_f)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

p_t: zero coupon bond with expiry at option maturity

f_t: futures price

strike: strike price

t1: time to maturity of the option

t2: time to maturity of the underlying commodity futures contract

v_s: volatility of the spot commodity price

v_e: volatility of the future convenience yield

v_f: volatility of the forward rate of interest

rho_se: correlation between the spot commodity price and the convenience yield

rho_sf: correlation between the spot commodity price and the forward interest rate

rho_ef: correlation between the forward interest rate and the convenience yield

kappa_e: speed of mean reversion of the convenience yield

kappa_f: speed of mean reversion of the forward interest rate

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_ON_OPTIONS

### Synopsis

OPT_ON_OPTIONS(type_flag,spot,strike1,strike2,time1,time2,rate,cost_of_carry,volatility)

### Arguments

type_flag: 'cc' for calls on calls, 'cp' for calls on puts, and so on for 'pc', and 'pp'

spot: spot price

strike1: strike price at which the option being valued is struck

strike2: strike price at which the underlying option is struck

time1: time in years to maturity of the option

time2: time in years to the maturity of the underlying option

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset of the underlying option

volatility: annualized volatility in price of the underlying asset of the underlying option

### Note

For common stocks, cost_of_carry is the risk free rate less the dividend yield. time2 ≥ time1

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_RGW

### Synopsis

OPT_RGW(spot,strike,time_payout,time_exp,rate,d,volatility)

### Arguments

spot: spot price

strike: strike price

time_payout: time to dividend payout

time_exp: time to expiration

rate: annualized interest rate

d: amount of the dividend to be paid expressed in currency

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_SIMPLE_CHOOSER

### Synopsis

OPT_SIMPLE_CHOOSER(call_put_flag,spot,strike,time1,time2,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

time1: time in years until the holder chooses a put or a call option

time2: time in years until the chosen option expires

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_SPREAD_APPROX

### Synopsis

OPT_SPREAD_APPROX(call_put_flag,fut_price1,fut_price2,strike,time,rate,volatility1,volatility2,rho)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

fut_price1: price of the first futures contract

fut_price2: price of the second futures contract

strike: strike price

time: time to maturity in years

rate: annualized risk-free interest rate

volatility1: annualized volatility in price of the first underlying futures contract

volatility2: annualized volatility in price of the second underlying futures contract

rho: correlation between the two futures contracts

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## OPT_TIME_SWITCH

### Synopsis

OPT_TIME_SWITCH(call_put_flag,spot,strike,a,time,m,dt,rate,cost_of_carry,volatility)

### Arguments

call_put_flag: 'c' for a call and 'p' for a put

spot: spot price

strike: strike price

a: amount received for each time period

time: time to maturity in years

m: number of time units the option has already met the condition

dt: agreed upon discrete time period expressed as a fraction of a year

rate: annualized risk-free interest rate

cost_of_carry: net cost of holding the underlying asset

volatility: annualized volatility of the asset

### Description

OPT_TIME_SWITCH models the theoretical price of time switch options. (Pechtl 1995). The holder receives a * dt for each period that the asset price was greater than strike (for a call) or below it (for a put).

### See also

OPT_BS, OPT_BS_DELTA, OPT_BS_RHO, OPT_BS_THETA, OPT_BS_GAMMA.

## PMT

### Synopsis

PMT(rate,nper,pv,fv,type)

### Arguments

rate: effective annual interest rate

nper: number of periods

pv: present value

fv: future value

type: payment type

### Description

PMT calculates the payment amount for an annuity.

### Note

## PPMT

### Synopsis

PPMT(rate,per,nper,pv,fv,type)

### Arguments

rate: effective annual interest rate

per: period number

nper: number of periods

pv: present value

fv: future value

type: payment type

### Description

PPMT calculates the principal part of an annuity's payment for period number per.

### Note

### See also

IPMT.

## PRICE

### Synopsis

PRICE(settlement,maturity,rate,yield,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

rate: nominal annual interest rate

yield: annual yield of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

PRICE calculates the price per $100 face value of a security that pays periodic interest.

### Note

## PRICEDISC

### Synopsis

PRICEDISC(settlement,maturity,discount,redemption,basis)

### Arguments

settlement: settlement date

maturity: maturity date

discount: annual rate at which to discount

redemption: amount received at maturity

basis: calendar basis

### Description

PRICEDISC calculates the price per $100 face value of a bond that does not pay interest at maturity.

### Note

If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## PRICEMAT

### Synopsis

PRICEMAT(settlement,maturity,issue,discount,yield,basis)

### Arguments

settlement: settlement date

maturity: maturity date

issue: date of issue

discount: annual rate at which to discount

yield: annual yield of security

basis: calendar basis

### Description

PRICEMAT calculates the price per $100 face value of a bond that pays interest at maturity.

### Note

If basis is 0, then the US 30/360 method is used. If basis is 1, then actual number of days is used. If basis is 2, then actual number of days is used within a month, but years are considered only 360 days. If basis is 3, then actual number of days is used within a month, but years are always considered 365 days. If basis is 4, then the European 30/360 method is used.

### See also

## PV

### Synopsis

PV(rate,nper,pmt,fv,type)

### Arguments

rate: effective interest rate per period

nper: number of periods

pmt: payment at each period

fv: future value

type: payment type

### Description

PV calculates the present value of fv which is nper periods into the future, assuming a periodic payment of pmt and an interest rate of rate per period.

### Note

### See also

FV.

## RATE

### Synopsis

RATE(nper,pmt,pv,fv,type,guess)

### Arguments

nper: number of periods

pmt: payment at each period

pv: present value

fv: future value

type: payment type

guess: an estimate of what the result should be

### Description

RATE calculates the rate of return.

### Note

If type is 0, the default, payment is at the end of each period. If type is 1, payment is at the beginning of each period. The optional guess is needed because there can be more than one valid result. It defaults to 10%.

## RECEIVED

### Synopsis

RECEIVED(settlement,maturity,investment,rate,basis)

### Arguments

settlement: settlement date

maturity: maturity date

investment: amount paid on settlement

rate: nominal annual interest rate

basis: calendar basis

### Description

RECEIVED calculates the amount to be received when a security matures.

### Note

### See also

## RRI

### Synopsis

RRI(p,pv,fv)

### Arguments

p: number of periods

pv: present value

fv: future value

### Description

RRI determines an equivalent interest rate for an investment that increases in value. The interest is compounded after each complete period.

### Note

If type is 0, the default, payment is at the end of each period. If type is 1, payment is at the beginning of each period. Note that p need not be an integer but for fractional value the calculated rate is only approximate.

### OpenDocument Format (ODF) Compatibility

This function is OpenFormula compatible.

## SLN

### Synopsis

SLN(cost,salvage,life)

### Arguments

cost: initial cost of asset

salvage: value after depreciation

life: number of periods

### Description

SLN calculates the depreciation of an asset using the straight-line method.

## SYD

### Synopsis

SYD(cost,salvage,life,period)

### Arguments

cost: initial cost of asset

salvage: value after depreciation

life: number of periods

period: subject period

### Description

SYD calculates the depreciation of an asset using the sum-of-years method.

## TBILLEQ

### Synopsis

TBILLEQ(settlement,maturity,discount)

### Arguments

settlement: settlement date

maturity: maturity date

discount: annual rate at which to discount

### Description

TBILLEQ calculates the bond-equivalent yield for a treasury bill.

### See also

## TBILLPRICE

### Synopsis

TBILLPRICE(settlement,maturity,discount)

### Arguments

settlement: settlement date

maturity: maturity date

discount: annual rate at which to discount

### Description

TBILLPRICE calculates the price per $100 face value for a treasury bill.

### See also

## TBILLYIELD

### Synopsis

TBILLYIELD(settlement,maturity,price)

### Arguments

settlement: settlement date

maturity: maturity date

price: price

### Description

TBILLYIELD calculates the yield of a treasury bill.

### See also

## VDB

### Synopsis

VDB(cost,salvage,life,start_period,end_period,factor,no_switch)

### Arguments

cost: initial cost of asset

salvage: value after depreciation

life: number of periods

start_period: first period to accumulate for

end_period: last period to accumulate for

factor: factor at which the balance declines

no_switch: do not switch to straight-line depreciation

### Description

VDB calculates the depreciation of an asset for a given period range using the variable-rate declining balance method.

### Note

If no_switch is FALSE, the calculation switches to straight-line depreciation when depreciation is greater than the declining balance calculation.

## XIRR

### Synopsis

XIRR(values,dates,guess)

### Arguments

values: cash flow

dates: dates of cash flow

guess: an estimate of what the result should be

### Description

XIRR calculates the annualized internal rate of return of a cash flow at arbitrary points in time. values lists the payments (negative values) and receipts (positive values) with one value for each entry in dates.

### Note

The optional guess is needed because there can be more than one valid result. It defaults to 10%.

### See also

IRR.

## XNPV

### Synopsis

XNPV(rate,values,dates)

### Arguments

rate: effective annual interest rate

values: cash flow

dates: dates of cash flow

### Description

XNPV calculates the net present value of a cash flow at irregular times.

### Note

### See also

NPV.

## YIELD

### Synopsis

YIELD(settlement,maturity,rate,price,redemption,frequency,basis)

### Arguments

settlement: settlement date

maturity: maturity date

rate: nominal annual interest rate

price: price of security

redemption: amount received at maturity

frequency: number of interest payments per year

basis: calendar basis

### Description

YIELD calculates the yield of a security that pays periodic interest.

### Note

## YIELDDISC

### Synopsis

YIELDDISC(settlement,maturity,price,redemption,basis)

### Arguments

settlement: settlement date

maturity: maturity date

price: price of security

redemption: amount received at maturity

basis: calendar basis

### Description

YIELDDISC calculates the yield of a discounted security.

### Note

## YIELDMAT

### Synopsis

YIELDMAT(settlement,maturity,issue,rate,price,basis)

### Arguments

settlement: settlement date

maturity: maturity date

issue: date of issue

rate: nominal annual interest rate

price: price of security

basis: calendar basis

### Description

YIELDMAT calculates the yield of a security for which the interest is paid at maturity date.