redemption - Redemption value per $100 face value.
frequency - Coupon payments per year (annual = 1, semiannual = 2; quarterly = 4.
basis - [optional] Day count basis (see below, default =0).
The Excel PRICE function returns the price per $100 face value of a security that pays periodic interest. For example, the PRICE function can be used to determine the "clean price" of a bond (also known as the quoted price), which is the price of the bond excluding accrued interest.
with these inputs, the PRICE function returns 97.56, which indicates the value of the bond is 97.56% of the face value. To get the actual dollar value, the formula in F6 is:
In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. If you want to enter valid dates directly inside a function, the DATE function is the best approach.
The basis argument controls how days are counted. The PRICE function allows 5 options (0-4) and defaults to zero, which specifies US 30/360 basis. This article on wikipedia provides a detailed explanation of available conventions.
To calculate the value of a bond on the issue date, you can use the PV function. In the example shown, the formula in C10 is:
Note: This example assumes that today is the issue date, so...