The TBILLPRICE function returns the price, per $100 face value, of a Treasury Bill.

Syntax

=TBILLPRICE(settlement,maturity,discount)

Arguments

Argument Description
settlement The settlement date of the treasury bill, i.e. the date that the bill is purchased
maturity The maturity date of the treasury bill, i.e. the date that the bill expires. Must be greater than, but no more than one year after the settlement date
discount The treasury bill’s percentage discount rate

Note: The settlement and maturity dates should be input as either:

  • References to cells containing dates, or
  • Dates returned from formulas

If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.

Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.

Examples

  A B C D
1 Data      
2 01-Feb-2014 Settlement date    
3 31-Jul-2014 Maturity date    
4 8.75% Discount rate    
5        
6 Formula Result Notes
7 =TBILLPRICE(A2,A3,A4) $95.63 The price for the Treasury bill, using the terms above 

Common Function Error(s)

Problem What went wrong
#VALUE! Occurs if either:

  any of the supplied arguments are non-numeric
  the settlement or the maturity arguments are not a valid dates
#NUM! Occurs if either:

  the settlement date is ≥ maturity date or the maturity date is more than 1 year after the settlement date
  the supplied discount argument is ≤ 0
#NAME? Occurs when Analysis ToolPak add-in is not enabled