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Excel PRICE Function

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

price function 1


=PRICE (settlement, maturity, rate, yld, redemption, frequency, [basis])


  • Settlement (required): The settlement date of the security, which is the date the investor takes possession of the security.
  • Maturity (required): The maturity date of security, which is the date the security expires.
  • Rate (required): The annual coupon rate of the security.
  • Yld (required): The annual yield of the bond.
  • Redemption (required): The redemption value per $100 face value.
  • Frequency (required): The number of coupon payments per year. It is strictly confined to three kinds of numbers.
    • 1= annual payment;
    • 2= semiannual payment;
    • 4= quarterly payment.
  • Basis (optional): The type of day count basis to use. It must be one of the following values:

    price function 3

Return value

The PRICE function will return the price of a bond per $100 face value that pays periodic interest.

Function notes

  1. The dates in the settlement and maturity arguments cannot be entered as text. To ensure that, the two arguments must be entered as one of the following formats:
    • cell references containing dates in Date format
    • dates returned from formulas and functions like the DATE function
  2. The dates in Date format are stored as serial numbers in the cells, which can be used in the calculations.
  3. The settlement, maturity, frequency, and basis arguments are truncated to integers.
  4. #NUM! error will be returned when any of the following occurs:
    • The settlement date is equal to or greater than (≥) the maturity date.
    • The frequency argument is not equal to 1, 2, or 4.
    • The basis argument is not equal to 0, 1, 2, 3, or 4.
  5. #VALUE! error will be returned when any of the following occurs:
    • The settlement or maturity arguments are not valid dates.
    • Any of the arguments entered in the formula is non-numeric.


As the below screenshot shows, we want to get the price per $100 face value of a security purchased on February 8, 2022.The maturity date of the security is January 1, 2028. The annual coupon rate is 7%, the annual yield is 8%, and the redemption value is $100. The Actual/actual day count basis is used, and payments are made semi-annually. You can do as follows to achieve it.

price function 4

Copy the formula below into cell F4 and press the Enter key to get the result.

=PRICE (C4, C5, C6, C7, C8, C9, C10)

price function 5


  1. In the above formula, the settlement and maturity arguments are supplied as the cell references containing dates, which are C4 and C5.
  2. If we want to input the values of the four arguments directly in the formula, we could use the help of the DATE function to generate valid dates. The formula becomes:

    =PRICE (DATE(2022,2,8), DATE(2028,1,1), 7%, 8%, 100, 2, 1)

Relative Functions:

  • Excel PRICEMAT Function
    The PRICEMAT function returns the price per $100 face value of a security that pays interests at maturity.

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