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RECEIVED Function
Summary
The RECEIVED function calculates the maturity value of a fully invested security, accounting for the discount rate and time to maturity. It's essential for bond traders and financial analysts working with discounted securities to determine redemption amounts.
Syntax
RECEIVED(settlement, maturity, investment, discount, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security's settlement date (date after issue when traded to buyer) |
| maturity | Date |
Yes | Security's maturity date (when security expires) |
| investment | Number |
Yes | Amount invested in the security |
| discount | Number |
Yes | Security's annual discount rate |
| basis | Number |
No | Day count basis (0=30/360 US, 1=Actual/actual, 2=Actual/360, 3=Actual/365, 4=30/360 European) |
Using the RECEIVED Function
RECEIVED determines the amount an investor receives at a bond's maturity for a security purchased at a discount. Use it when analyzing fixed-income investments, calculating yields, or valuing treasury bills and commercial paper.
Common RECEIVED Examples
Basic Bond Maturity Calculation
=RECEIVED("2/15/2008","5/15/2008",1000000,0.0575,2)Calculates $1,014,584.65 redemption value for $1M investment at 5.75% discount using Actual/360 basis.
Treasury Bill Example
=RECEIVED(DATE(2024,6,1),DATE(2024,9,1),975000,0.032,1)Computes maturity value for 90-day T-bill bought at discount.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Settlement or maturity not recognized as valid dates
Solution: Use DATE(year,month,day) function or ensure cells are formatted as dates
#NUM!
Cause: Investment or discount ≤ 0, or settlement ≥ maturity
Solution: Verify positive investment/discount values and correct date sequence
#NUM!
Cause: Basis value outside 0-4 range
Solution: Use valid basis: 0,1,2,3, or 4
Notes
- Dates stored as serial numbers (Jan 1, 1900 = 1)
- Settlement date always after issue date
- Investment represents clean price paid
- Formula: Redemption = Investment / (1 - (discount × days/basis_days))
- Truncates dates and basis to integers
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 365
Not available in: Excel 2003 and earlier
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 365