PRICE in WPS Spreadsheet: Price per 100 for a Regular Coupon Bond

=PRICE(settlement,maturity,rate,yld,redemption,frequency,[basis])

settlement is the purchase settlement date; maturity is the final payment date. rate is the annual coupon rate, while yld is the annual yield used for discounting. redemption is the final redemption amount per 100 face value. frequency is 1, 2 or 4 payments each year. basis is the optional day-count convention. The return value is a quoted price per 100, not an annual percentage or the total cost of an arbitrary holding.

Enter =PRICE(A2,A3,A4,A5,A6,A7,A8) in B2. The assumptions are a regular January/July coupon schedule, settlement exactly on a coupon date, and four remaining semiannual payments. There is no accrued fraction at settlement. Each coupon is 100*0.06/2=3 and each half-year discount rate is 0.08/2=0.04.

The independently discounted cash flows are:

3/1.04 + 3/1.04^2 + 3/1.04^3 + 103/1.04^4
= 96.3701047757431

This follows the official PRICE illustration with its accrued-interest subtraction zero at the coupon date. A separate holding with face value 10,000 has a corresponding quoted-price amount of B2*10000/100, about 9637.01047757431. That scaling does not add transaction costs.

Change A5 to 6%, keeping redemption 100 and everything else unchanged. The independently calculated price is 100: four coupons of 3 discounted at 3% per half-year plus the redemption exactly balance par. This is a useful scale and rate-unit check. The higher 8% yield in the first example discounts the same cash flows more heavily, explaining its price below 100.

The first-party formula subtracts the current coupon’s accrued portion from discounted future cash flows. Away from a coupon date, the returned quote therefore differs from a total including that accrued amount. Do not apply the simple four-term expression above to arbitrary settlement dates without the documented day-count fractions. The lesson also gives a separate one-remaining-coupon formula; this guide’s four-coupon controls do not assert an identical algorithm for that branch or for irregular coupons.

All quoted price/redemption amounts are positive here. Do not apply the opposite-sign convention used by some annuity functions to redemption.

The source documents #VALUE! for invalid dates and #NUM! for negative yield or coupon rate, nonpositive redemption, frequency outside 1/2/4, basis outside 0–4, or settlement on/after maturity. Dates, frequency and basis are truncated according to the lesson. Supply whole frequencies and basis values. A mismatch usually calls for checking annual versus periodic rates, per-100 redemption, settlement’s position in the coupon schedule, and basis before rounding the output.

Enter dates with DATE(year,month,day) or references to genuine date cells, rather than locale-dependent text. Rates are annual decimals: enter 6% or 0.06, not 6. Use the same currency throughout; these functions do not convert currencies.

The official basis table lists 0 (or omitted) as US NASD 30/360, 1 as actual/actual, 2 as actual/360, 3 as actual/365, and 4 as European 30/360. The examples specify basis explicitly. The names alone do not define every February, month-end or multi-year adjustment; this guide does not generalize its controls to those edge cases.

The official WPS Academy PRICE lesson labels its applicable edition WPS Office For Windows Personal (个人版). The lesson and relevant formula/table illustrations were reviewed on October 19, 2026. This establishes a Chinese first-party documented scope, not English-global, Linux, macOS, mobile or all-edition availability. The numeric build, introduction release and last supported version are not established. The lesson does not identify the function as deprecated.

Examples above are independent mathematical expectations under the stated assumptions. They were not executed in WPS, and no current application screenshot or runtime precision guarantee is supplied. Documentation images establish the written contract, not a new native test. English function tokens and comma separators follow the source; verify localized entry and workbook interchange in the intended client.

• DATE: Construct unambiguous date inputs.
• DAYS: Count elapsed calendar days.