Related Function:

The TBILLYIELD function returns the yield for a Treasury bill.

### Syntax

=TBILLYIELD(settlement,maturity,pr)

#### Arguments

Argument Description
settlement The Treasury bill’s settlement date – the date after the issue date when the Treasury bill is traded to the buyer
maturity The Treasury bill’s maturity date – the date when the Treasury bill expires
pr The Treasury bill’s price per $100 face value 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 Description 2 31-Mar-2014 Settlement date 3 01-Jun-2014 Maturity date 4$98.45 Price per \$100 face value
5
6 Formula Result Notes
7 =TBILLYIELD(A2,A3,A4) 9.14% The yield 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 pr argument is ≤ 0
#NAME? Occurs when Analysis ToolPak add-in is not enabled

TBILLYIELD is calculated as:

where:

• DSM = number of days from settlement to maturity, excluding maturity date that is more than one calendar year after the settlement date