PRICE(settlement, maturity, rate, yield, redemption, frequency [,basis]) 
Returns the price of a security that pays periodic interest. 
settlement  The settlement date of the security. 
maturity  The maturity date of the security. 
rate  The fixed interest rate of the security. 
yield  The annual yield of the security. 
redemption  The redemption value of the security per $100 face value. 
frequency  The number of coupon payments in a year: 1 = annual 2 = semi annual 4 = quarterly 
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 
* The settlement date is the date a buyer purchases a coupon, such as a bond. * The maturity date is the date when a coupon expires. * The yield of a security is the annual ?? * Dates must be entered as text strings with quotation marks or as serial numbers. * If "settlement" is not an integer, it is truncated. * If "settlement" = "maturity", then #NUM! is returned. * If "maturity" has passed, then #VALUE! is returned. * If "rate" < 0, then #NUM! is returned. * If "yield" < 0, then #NUM! is returned. * If "redemption" = 0, then #NUM! is returned. * If "frequency" is not an integer, it is truncated. * If "frequency" is any number other than 1, 2 or 4, 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. * There is also a PRICEDISC for a discounted security (no interest payments). * There is also a PRICEMAT for a security that pays its interest at maturity. * This can be used to calculates a "clean" bond price. * In Excel 2007 the accuracy of this function was improved. * 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 price be of a $100 corporate bond settylying on 31 Mar 2012 with a maturity date of 31 July 2012, a coupon of 5.75% paid semiannual. The security's annual yield is 6.5%. 
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