Apple Numbers PRICEDISC Function: Discount Pricing and Per-100 Quotes
Interpret Apple’s annual-yield argument using its documented discount-price example, face-value scaling and ordinary day-basis controls.
Verification status: See the evidence and test scope described in this guide. How formula examples are checked
PRICEDISC calculates a non-interest-paying security’s price quote from dates, redemption and a rate. Apple names the third argument annual-yield. Its published example nevertheless reproduces a discount-from-redemption formula, so that argument must not be confused with an investment-denominated yield.
Syntax and Apple’s rate name
PRICEDISC(settle, maturity, annual-yield, redemption, days-basis)
Apple requires positive annual-yield and positive redemption. Enter 8% as 8% or 0.08, not 8. Redemption is a quote per 100 of face value, commonly 100. The result is also a per-100 quote, not the total cost of a position.
Writing d for Apple’s annual-yield argument and t for the year fraction, the model that reproduces its example is:
price = redemption * (1 - d*t)
That differs from dividing redemption by 1 + y*t, which would represent a simple investment-return convention. Keeping Apple’s argument name in formulas while explaining its demonstrated arithmetic avoids changing the function’s contract.
Dates and day-count basis
Use date-valued cells or DATE(year,month,day) rather than ambiguous text such as 1/2/2026. Settlement is the trade’s settlement date, which need not be its trade date. Apple requires maturity to be later than settlement.
The optional final argument selects:
| Basis | Convention |
|---|---|
| 0, or omitted | NASD 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Basis 0 and basis 4 have different month-end rules. Agreement on the ordinary dates below does not make them interchangeable. The actual-day controls count elapsed calendar days; they do not add an extra day for including both endpoints. These examples do not establish every February-end adjustment or the treatment of a multi-year actual/actual interval.
Step by step: a price of 96
Set A2 to =DATE(2026,1,15), B2 to =DATE(2026,7,15), C2 to 8%, D2 to 100 and E2 to 0. Enter =PRICEDISC(A2,B2,C2,D2,E2) in F2.
=PRICEDISC(DATE(2026,1,15),DATE(2026,7,15),8%,100,0)
The year fraction is 180/360. Independent arithmetic is 100*(1-0.08*0.5) = 96. The reduction is four units per 100 redeemed. The currency symbol displayed by Numbers depends on language and region settings; it does not identify the security’s currency or perform a currency conversion.
With rate 4% the same dates give 98. With rate 8% but maturity April 15, 2026, the quarter-year price is also 98. Reducing either the rate or the time reduces the amount deducted from redemption.
Basis comparison on the same cash-flow dates
For January 15 to July 15, 2026, the actual interval is 181 days:
| Basis | Calculation | Independent price |
|---|---|---|
| 0 or omitted | 100*(1-0.08*180/360) |
96 |
| 2 | 100*(1-0.08*181/360) |
95.9777777778 |
| 3 | 100*(1-0.08*181/365) |
96.0328767123 |
| 4 | 100*(1-0.08*180/360) |
96 |
Keep extra digits during a reconciliation and round money only according to the separate transaction’s rules. These values are independent mathematical controls, not captured Numbers output.
Reproduce Apple’s long-maturity example
Apple gives settlement May 1, 2009, maturity June 30, 2015, rate 5.25%, redemption 100 and basis 0. The 30/360 numerator is 2219:
=PRICEDISC(DATE(2009,5,1),DATE(2015,6,30),0.0525,100,0)
100*(1-0.0525*2219/360) equals 67.6395833333333, matching the documented result. This agreement establishes the discount-style interpretation for the stated example; it is not evidence of a native execution in this guide.
Advanced: scale the quote and compare denominators
A quote of 96 on face amount 25000 implies cost 96/100*25000 = 24000. Redemption of 100 implies maturity cash 25000. The half-year discount rate is 1000/25000/0.5 = 8%, consistent with the input.
The same gain divided by invested cash instead gives 1000/24000/0.5, or 8.33333333333% simple annualized investment return. The two rates differ because their denominators differ. An 8% investment-return model would price at 100/1.04, approximately 96.1538461538, rather than 96.
Errors and model boundaries
A positive rate alone does not guarantee a positive price in the reproduced formula. Require d*t < 1 for a positive price in this model. If the rate-horizon product reaches or exceeds one, the simple expression is zero or negative; this guide does not claim a particular Numbers error or acceptance behavior for that untested boundary.
Check ordered dates, quote units and percentage scale. Apple’s article does not enumerate all exact errors or coercion rules. Similar-looking function names in other spreadsheets and a displayed currency symbol do not establish identical rate conventions, file conversion or platform behavior.
Version, evidence and related functions
The official Apple PRICEDISC reference was checked on October 18, 2026 in Formulas and Functions Help 15.4, within the Numbers 15.4 for Mac documentation context. The worked values in this guide are independent calculations; Apple’s published example is identified separately. No Numbers session or other spreadsheet calculation engine was executed. Cell-reference walkthroughs are instructions, not recorded application tests.
The first release introducing this function is unknown from the checked evidence. The current reference documents it; it does not label it deprecated or retired. Shared iWork documentation does not independently verify every platform, older release or import/export path.