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Excel

DISC function in Excel

Returns the discount rate for a security

=DISC(settlement, maturity, pr, redemption, [basis])

DISC syntax and parameters

Five arguments, four required.

  • settlementanyRequired

    The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

  • maturityanyRequired

    The security's maturity date. The maturity date is the date when the security expires.

  • prnumberRequired

    The security's price per $100 face value.

  • redemptionnumberRequired

    The security's redemption value per $100 face value.

  • basisnumberOptional

    The type of day count basis to use.

DISC examples

Formulas you'll actually reuse.

  1. The discount rate implied by a price of 98.8625, actual/360 basis (2):

    =DISC(DATE(2026, 3, 15), DATE(2026, 6, 14), 98.8625, 100, 2)

    Result0.045

  2. The same on actual/actual (1) — a slightly higher figure:

    =DISC(DATE(2026, 3, 15), DATE(2026, 6, 14), 98.8625, 100, 1)

    Result0.0456

DISC in Google Sheets

Same name — your formula ports as-is.

Try DISC in the playground

Edit the example — nothing to install.

Preloaded with the DISC formula from Example 1 — change anything and watch it respond.

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Related functions

More ways Excel gets this done.