TBILLPRICE Function
Calculates the price of a Treasury bill per $100 face value.
Syntax
Parameters
| Parameter | Description | Required |
|---|---|---|
| settlement | Date the security is purchased. | Required |
| maturity | Date the security expires. | Required |
| discount | Discount rate of the T-bill. | Required |
Basic Example
Price of a 6-month T-bill
=TBILLPRICE(DATE(2024,1,1), DATE(2024,7,1), 0.05)A 6-month T-bill with a 5% discount rate is priced at $97.50 per $100 face value.
Advanced Examples
Example 1: Short-term T-bill
Money market analysisPrice of a 3-month T-bill
=TBILLPRICE(DATE(2024,1,1), DATE(2024,4,1), 0.05)How TBILLPRICE Works
TBILLPRICE calculates the price using the formula 100 * (1 - discount * days to maturity / 360). Treasury bills use a 360-day year for pricing.
Important Notes & Limitations
Maturity must be within one year of settlement.
Discount is entered as a decimal.
Uses actual/360 day count.
Common Errors & Fixes
#NUM! errorMaturity is more than one year after settlement or discount is invalid.Fix: Verify dates are within one year and discount is valid.
#VALUE! errorDates are not recognized.Fix: Use DATE function or valid date serial numbers.
Download Practice File
TBILLPRICE
tbillpricePractice TBILLPRICE with Real Data
Download a sample CSV file with pre-populated data and practice exercises for the TBILLPRICE function. Works in both Excel and Google Sheets.
File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps