PRICEMAT

Microsoft publishes =PRICEMAT(A2,A3,A4,A5,A6,A7) = $99.98 for a security settled 2008-02-15, maturing 2008-04-13, issued 2007-11-11, 6.1% coupon, 6.1% yield, 30/360 basis. DERIVATION from the formula Microsoft prints as an image: PRICEMAT = (100 + (DIM/B * rate * 100)) / (1 + (DSM/B * yld)) - (A/B * rate * 100), where DIM is days from issue to maturity, DSM days from settlement to maturity and A days from issue to settlement. Under Procedure A (US 30/360) those are DIM = 152, DSM = 58 and A = 94 -- and note they satisfy DIM = A + DSM exactly, which is a useful internal check on the day counts. In exact rational arithmetic the price is 99.98449887555695..., which is $99.98 as published. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine. Microsoft's page was re-read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/pricemat-function (the /en-us/office/<name>-function-<guid> path was returning Microsoft's 'Sorry, the page you're looking for can't be found' body throughout this batch, and the working path serves an 87 KB stub about half the time, so pages were fetched with retries until the payload exceeded 150 KB).

Asserted at ten places: 99.9844988756. The two published decimals hide any day-count slip of a day or two in DIM, DSM or A; ten places do not.

OpenFormula 1.3 section 6.12.40 adds a rule Microsoft's page does not print: "If both, Rate and AnnualYield, are 0, the return value is 100." The documented Microsoft formula gives the same answer without needing a special case -- with rate = 0 the numerator is 100 and the accrued term vanishes, and with yld = 0 the denominator is 1 -- so this is a case where the two specifications agree by different routes, and where an engine that special-cases one but not the other still lands on 100.

Microsoft documents: "If rate < 0 or if yld < 0, PRICEMAT returns the #NUM! error value."

Microsoft documents: "If basis < 0 or if basis > 4, PRICEMAT returns the #NUM! error value." (This page prints its basis table with the row label "0 (zero) or omitted" where its sibling pages print "0 or omitted" -- a wording difference across Microsoft's own financial pages, not a behavioural one.)

Microsoft documents: "If settlement >= maturity, PRICEMAT returns the #NUM! error value." OpenFormula 1.3 section 6.12.40 states the same constraint as "Settlement < Maturity".

Microsoft documents: "If settlement, maturity, or issue is not a valid date, PRICEMAT returns the #VALUE! error value." The issue argument is the one this function has that PRICE does not, so it is the one asserted here.

Microsoft publishes =PRICEMAT(A2,A3,A4,A5,A6,A7) = $99.98 for a security settled 2008-02-15, maturing 2008-04-13, issued 2007-11-11, 6.1% coupon, 6.1% yield, 30/360 basis. DERIVATION from the formula Microsoft prints as an image: PRICEMAT = (100 + (DIM/B * rate * 100)) / (1 + (DSM/B * yld)) - (A/B * rate * 100), where DIM is days from issue to maturity, DSM days from settlement to maturity and A days from issue to settlement. Under Procedure A (US 30/360) those are DIM = 152, DSM = 58 and A = 94 -- and note they satisfy DIM = A + DSM exactly, which is a useful internal check on the day counts. In exact rational arithmetic the price is 99.98449887555695..., which is $99.98 as published. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine. Microsoft's page was re-read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/pricemat-function (the /en-us/office/<name>-function-<guid> path was returning Microsoft's 'Sorry, the page you're looking for can't be found' body throughout this batch, and the working path serves an 87 KB stub about half the time, so pages were fetched with retries until the payload exceeded 150 KB).

Asserted at ten places: 99.9844988756. The two published decimals hide any day-count slip of a day or two in DIM, DSM or A; ten places do not.

OpenFormula 1.3 section 6.12.40 adds a rule Microsoft's page does not print: "If both, Rate and AnnualYield, are 0, the return value is 100." The documented Microsoft formula gives the same answer without needing a special case -- with rate = 0 the numerator is 100 and the accrued term vanishes, and with yld = 0 the denominator is 1 -- so this is a case where the two specifications agree by different routes, and where an engine that special-cases one but not the other still lands on 100.

Microsoft documents: "If rate < 0 or if yld < 0, PRICEMAT returns the #NUM! error value."

Microsoft documents: "If basis < 0 or if basis > 4, PRICEMAT returns the #NUM! error value." (This page prints its basis table with the row label "0 (zero) or omitted" where its sibling pages print "0 or omitted" -- a wording difference across Microsoft's own financial pages, not a behavioural one.)

Microsoft documents: "If settlement >= maturity, PRICEMAT returns the #NUM! error value." OpenFormula 1.3 section 6.12.40 states the same constraint as "Settlement < Maturity".

Microsoft documents: "If settlement, maturity, or issue is not a valid date, PRICEMAT returns the #VALUE! error value." The issue argument is the one this function has that PRICE does not, so it is the one asserted here.

Microsoft publishes =PRICEMAT(A2,A3,A4,A5,A6,A7) = $99.98 for a security settled 2008-02-15, maturing 2008-04-13, issued 2007-11-11, 6.1% coupon, 6.1% yield, 30/360 basis. DERIVATION from the formula Microsoft prints as an image: PRICEMAT = (100 + (DIM/B * rate * 100)) / (1 + (DSM/B * yld)) - (A/B * rate * 100), where DIM is days from issue to maturity, DSM days from settlement to maturity and A days from issue to settlement. Under Procedure A (US 30/360) those are DIM = 152, DSM = 58 and A = 94 -- and note they satisfy DIM = A + DSM exactly, which is a useful internal check on the day counts. In exact rational arithmetic the price is 99.98449887555695..., which is $99.98 as published. Day counts come from a clean-room implementation of OpenFormula 1.3 section 4.11.7 (Procedure A for US 30/360, Procedure B for actual days, Procedure C for European 30/360, D/E/F for days-in-year) written for this batch and used by no engine. Microsoft's page was re-read live on 2026-08-31 at https://support.microsoft.com/en-us/excel/functions/pricemat-function (the /en-us/office/<name>-function-<guid> path was returning Microsoft's 'Sorry, the page you're looking for can't be found' body throughout this batch, and the working path serves an 87 KB stub about half the time, so pages were fetched with retries until the payload exceeded 150 KB).

Asserted at ten places: 99.9844988756. The two published decimals hide any day-count slip of a day or two in DIM, DSM or A; ten places do not.

OpenFormula 1.3 section 6.12.40 adds a rule Microsoft's page does not print: "If both, Rate and AnnualYield, are 0, the return value is 100." The documented Microsoft formula gives the same answer without needing a special case -- with rate = 0 the numerator is 100 and the accrued term vanishes, and with yld = 0 the denominator is 1 -- so this is a case where the two specifications agree by different routes, and where an engine that special-cases one but not the other still lands on 100.

Microsoft documents: "If rate < 0 or if yld < 0, PRICEMAT returns the #NUM! error value."

Microsoft documents: "If basis < 0 or if basis > 4, PRICEMAT returns the #NUM! error value." (This page prints its basis table with the row label "0 (zero) or omitted" where its sibling pages print "0 or omitted" -- a wording difference across Microsoft's own financial pages, not a behavioural one.)

Microsoft documents: "If settlement >= maturity, PRICEMAT returns the #NUM! error value." OpenFormula 1.3 section 6.12.40 states the same constraint as "Settlement < Maturity".

Microsoft documents: "If settlement, maturity, or issue is not a valid date, PRICEMAT returns the #VALUE! error value." The issue argument is the one this function has that PRICE does not, so it is the one asserted here.