Excel - Microsoft Excel RECEIVED Function

Description

The Excel RECEIVED function calculates the amount received at maturity for a fully invested security. 

The format of the function is : 

RECEIVED( settlement, maturity, investment, discount, [basis] ) 

where the arguments are as shown in the table below: 

Note that 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. 

Received Function Example

In the spreadsheet below, the Excel Received function is used to calculate amount received at maturity, on an investment of $1,000, which was used to purchase a security on 01-Apr-2005. The security matured on 1-Mar-2010, with a discount rate of 4.5%, and the US (NASD) 30/360 day count basis is used: 

Note that, in this example, the [basis] argument is omitted and so takes on the default of 0 (and therefore uses the US (NASD) 30/360 basis) 

Note also that, as recommended by Microsoft, the dates are not typed directly into the function. Instead, in this example, the Excel Date function has been used. 

Received Function Errors

If you get an error from the Excel Received Function, this is likely to be one of the following : 

Common Errors