Apple iWork '09 - Manual (Page 342)

cum-when-due
See discussion at when-due. The only difference is that functions that use cum-when-due require the
argument to be specified and do not assume a value if it is omitted.
days-basis
There are several different conventions used when counting the number of days in a month and
number of days in a year to determine interest on a loan or investment. days-basis is used to indicate
how days are counted for a specific investment or loan. days-basis is often defined by market practice
and may be related to a particular type of investment. Or days-basis may be specified in documents
related to a loan.
days-basis is a modal argument. It is specified as the number 0, 1, 2, 3, or 4.
 A value of 0 specifies that for purposes of computing interest, each full month will contain 30 days
and each full year will contain 360 days, using the NASD method for dates falling on the 31st of
a month. This is commonly known as the 30/360 convention. 0 (30/360 convention) is the default
value.
In the NASD method, if the day value in the starting date (for example, the settlement date) is 31,
it is treated as if it was 30. If the day value is the last day of February, it is not adjusted, so in this
case February has less than 30 days. If the day value for the ending date (for example, the maturity
date) is 31 and the day value in the starting date is earlier than the 30th of the same month, the
ending date is considered to be the first day of the following month. Otherwise it is considered to
be the 30th of the same month resulting in 0 days.
 A value of 1 specifies that the actual number of days will be used for each full month and the
actual number of days will be used for each year. This is commonly known as the actual/actual
convention.
 A value of 2 specifies that the actual number of days will be used for each full month and each full
year will contain 360 days. This is commonly known as the actual/360 convention.
 A value of 3 specifies that the actual number of days will be used for each full month and each full
year will contain 365 days. This is commonly known as the actual/365 convention.
 A value of 4 specifies that each full month will contain 30 days and each full year will contain 360
days, using the European method for dates falling on the 31st of a month. This is commonly known
as the 30E/360 convention.
In the European method, the 31st of a month is always considered to be the 30th of the same
month. February is always considered to have 30 days, so if the last day of February is the 28th, it is
considered to be the 30th.
Assume that you wish to determine the interest on a bond issued by a U.S. corporation. Most such
bonds use the 30/360 method of determining interest so days-basis would be 0, the default value.
Or assume that you wish to determine the interest on a United States Treasury Bond. These bonds
usually pay interest based on the actual days in each month and the actual days in each year, so
days-basis would be 1.
depr-factor
In certain formulas, the rate of the accelerated depreciation rate (in excess of straight-line
depreciation) can be specified. depr-factor is used to specify the desired rate of annual depreciation.
depr-factor is specified as a decimal number or as a percentage (using the percent sign).
Assume that you have purchased a new computer. After discussion with your tax accountant, you
find that it is permissible to depreciate the computer on an accelerated basis. You decide to use a
depreciation rate of 150% of straight-line depreciation, so depr-factor would be 1.5.
342 Chapter 13 Additional Examples and Topics