That's because you're using intervals that are exactly 6 months apart, which
happens to match the bond payment period.

Try them with any other period, like 15 days which you used in your initial
example.

Regards,
Fred.

"Nth" wrote in message
...
Pls check this out
http://www.fransysco.net/interest/interests.gif

Looks like your suggestion and the ACCRINTM function do the same thing.
They come up with the same results.

Nth