In the example shown, we want to find the amount received at maturity for a bond with an initial investment of $1000 and a discount rate of 4.25%. The settlement date is 6-Jul-2017 and the maturity date is 15-Jan-2020. There are no periodic interest payments, and the day count basis is US (NASD) 30/360. The formula in F5 is: With these inputs, the RECEIVED function returns $1,120.21 , with currency number format applied.

Entering dates

In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. To enter valid dates directly inside a function, you can use the DATE function. To illustrate, the formula below has all values hardcoded, and the DATE function is used to supply each of the two required dates:


The basis argument controls how days are counted. The RECEIVED function allows 5 options (0-4) and defaults to zero, which specifies US 30/360 basis. This article on Wikipedia provides a detailed explanation of available conventions.


In Excel, dates are serial numbers.  All dates, and basis, are truncated to integers. If dates are invalid (i.e. not recognized dates) RECEIVED returns #VALUE! RECEIVED returns #NUM when: settlement >= maturity investment <= 0 or rate <= 0 Basis is out-of-range

Dave Bruns

Hi - I’m Dave Bruns, and I run Exceljet with my wife, Lisa. Our goal is to help you work faster in Excel. We create short videos, and clear examples of formulas, functions, pivot tables, conditional formatting, and charts.