annual-yield: A number value representing the annual yield of the security. annual-yield must be greater than 0, and is entered as a decimal (for example, 0.08) or with a percent sign (for example, 8%).
redemption: A number value representing the redemption value per $100 of par value. redemption is calculated as redemption value / face value * 100 and it must be greater than 0. Often, it is 100, meaning that the security’s redemption value is equal to its face value.
frequency: A European method for dates falling on the 31st of a month.
The currency shown in this function result depends on your Language & Region settings (in System Preferences in macOS 12 and earlier, System Settings in macOS 13 and later, and Settings in iOS and iPadOS).
Example
Suppose you are considering the purchase of a hypothetical security. The security settles May 1, 2009 (settle), matures at 100 (redemption) on June 30, 2015, and pays interest semiannually (frequency) at an annual rate of 6.5% (annual-rate) on a 30/360 days basis (days-basis). The security is said to yield 5.25% (annual-yield).
=PRICE("05/01/2009", "06/30/2015", 0.065, 0.0525, 100, 2, 0) returns approximately 106.501107821594, which represents the price per $100 of face value that would be paid at the stated yield. Note that generally, if a security is yielding less than the coupon rate, it will have a market value above its redemption value.