PRICE

Summary

PRICE discounts remaining coupons and redemption to settlement and subtracts accrued coupon interest according to the chosen day-count basis.

Date inputs are spreadsheet serial dates and must satisfy maturity > settlement.
rate (coupon) and yld (yield) are annual decimal rates; redemption is amount paid per 100 face value at maturity.
frequency must be 1 (annual), 2 (semiannual), or 4 (quarterly).
basis codes: 0=US(NASD)30/360, 1=Actual/Actual, 2=Actual/360, 3=Actual/365, 4=European30/360.
Return value is quoted per 100 face value; positive inputs usually produce a positive price.
Coupon schedule is derived by stepping backward from maturity, with end-of-month adjustment behavior in month arithmetic.

Single remaining coupon period

Grid

Cell	Value
No inputs on Sheet1.

Formula

Result

Not evaluated yet.

Expected

100.2283950617284

Par bond when coupon rate equals yield

Grid

Cell	Value
No inputs on Sheet1.

Formula

Result

Not evaluated yet.

Expected

100

This implementation follows Excel quoting conventions and returns clean price per 100 face value.

maturity <= settlement, invalid basis, unsupported frequency, negative rate/yld, or non-positive redemption.