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Â days-basis: An optional argument specifying the number of days per month and

days per year used in the calculations.

30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD

method for dates falling on the 31st of a month.

actual/actual (1): Actual days in each month, actual days in each year.

actual/360 (2): Actual days in each month, 360 days in a year.

actual/365 (3): Actual days in each month, 365 days in a year.

30E/360 (4): 30 days in a month, 360 days in a year, using the European method for

dates falling on the 31st of a month (European 30/360).

Example

Assume you are considering the purchase of the hypothetical security described by the values listed.

You could use the COUPNUM function to determine the number of coupons you could expect

between the settlement date and the security’s maturity date. The function returns 23, since there

are 23 quarterly coupon payment dates between April 2, 2010, and December 31, 2015, with the rst

being on June 30, 2010.

settle maturity frequency days-basis

=COUPNUM(B2, C2,

D2, E2, F2, G2)

4/2/2010 12/31/2015 4 1