INTRATE(settlement,maturity,investment,redemption[,basis])
INTRATE calculates and returns the interest rate of a fully vested security.
settlement is the settlement date of the security. maturity is the maturity date of the security. investment is the price of the security paid at settlement date and redemption is the amount to be received at maturity date.
basis is the type of day counting system you want to use:
0 US 30/360
1 actual days/actual days
2 actual days/360
3 actual days/365
4 European 30/360
If you had a bond with a settlement date of April 15, 2000, maturity date September 30, 2000, investment of $100,000, redemption value $103,525, using the actual/actual basis, the bond discount rate is:
=INTRATE(36631, 36799, 100000, 103525, 1) which equals 0.0648 or 6.48%