## Excel PRICEDISC Function

The FRICEDISC function calculates the price per \$100 face value of a discounted security.

#### Syntax

=PRICEDISC (settlement, maturity, discount, redemption, [basis])

#### Arguments

• 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.
• Discount (required): The discount rate of the security.
• Redemption (required): The redemption value per \$100 face value.
• Basis (optional): The type of day count basis to use. It must be one of the following values:

#### Return value

The PRICEDISC function will return the price per \$100 face value of a discounted security.

#### 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, 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 discount argument is not a positive number.
• 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.

#### Examples

In the example shown below, suppose we need to know the price per \$100 face value of a discounted security purchased on February 8, 2022. The maturity date of the security is January 1, 2028. The discount rate is 2%, the redemption value is \$100, and the Actual/actual day count basis is used. You can do as follows to achieve it.

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

=PRICEDISC (C4, C5, C6, C7, C8)

Notes:

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:

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