something about function ACCRINT( )

[chengj]

when i use the function ACCRINT(),I meet a problem.
ACCRINT("39507","39691","39569",0.1,1000,2,2)=17.222222222
BUT:
ACCRINT("39507","39691","39569",0.1,1000,4,2)=16.666666667
39507---"2008-2-29"
39691---"2008-8-31"
39569---"2008-5-1"
As you see, when "Frequency"=4 the result is smaller.
who can tell me why?

Thank you very much!

 

[Vasant Nanavati]

Perhaps I'm missing something, but if the interest is paid more frequently,
wouldn't the accrued interest logically be smaller?

Also, from Help:

Important: Dates should be entered by using the DATE function, or as
results of other formulas or functions. For example, use DATE(2008,5,23) for
the 23rd day of May, 2008. Problems can occur if dates are entered as text.

 

[Fred Smith]

Your problem is the leap day.

ACCRINT simply calculates the coupon amount (rate*par) divided by the number
of days in the year times the number of days in the period. The problem is
the "days in the year" and "days in the period" changes depending on the
date basis.

If you use Date Basis 1 (actual/actual), the accrued interest is the same
whether you have semi-annual or quarterly periods.

But when you have any other date basis, it has to make assumptions about the
number of days in the period. You asked for rate basis 2 (actual/360). With
semi-annual interest payments, you're getting 62 days interest (which I
think is correct), with quarterly, you're getting 60 days interest. If you
change the first interest date to Aug 29 or 30, you get the same thing.

It's either the way the algorithm works, or Microsoft implemented it
incorrectly.