In some investment instruments, the entire interest payment is made at the maturity date, rather than in periodic coupon installments. These are often short-term notes or zero-coupon debt instruments with interest. Excel’s YIELDMAT function is designed to calculate the annual yield of such securities—helping investors accurately compare returns on different types of debt instruments.

In the world of fixed-income investing, discount instruments like Treasury bills and commercial paper are sold below face value and mature at full par. To calculate the maturity amount for such investments, Excel offers the RECEIVED function—a simple yet powerful tool for financial professionals, investors, and analysts. This article explains how to use the RECEIVED function, where it applies, and how it supports financial modeling for short-term investments.