DISC(settlement, maturity, price, redemption [,basis]) 
Returns the interest rate (or discount rate) for a security held to maturity. 
settlement  The settlement date of the security. 
maturity  The maturity date of the security. 
price  The security's price per $100 face value. 
redemption  The security's redemption value per $100 face value. 
basis  (Optional) The type of day counting to use: 0 = US 30/360 (default) 1 = Actual/Actual 2 = Actual/360 3 = Actual/365 4 = European 30/360 
Remarks 
* This interest rate is often called the discount rate. * The "settlement" is the date a buyer purchases a coupon, such as a bond. * The "maturity" is the date when the security expires. * Dates must be entered as text strings within quotation marks or as serial numbers. * If "settlement" is not an integer, it is truncated. * If "settlement" >= "maturity", then #NUM! is returned. * If "settlement" is not a valid date, then #NUM! is returned. * If "maturity" is not an integer, it is truncated. * If "maturity" is not a valid date, then #NUM! is returned. * If "pr" <= 0, then #NUM! is returned. * If "redemption" <= 0, then #NUM! is returned. * If "basis" is left blank, then 0 is used. * If "basis" is not an integer, it is truncated. * If "basis" < 0, then #NUM! is returned. * If "basis" > 4, then #NUM! is returned. * This is similar to the INTRATE function. * In Excel 2003 this function was only available when you had the Analysis ToolPak addin loaded. * For the Microsoft documentation refer to support.office.com 

1  What would the interest rate be if you bought something at a price of $97 with a settlement date of 31 Mar 2011 and then sold it at a price of $100 on a maturity date of 30 Sept 2011. Assuming a day count of 30/360. 
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