How to use TBILLPRICE Function in Excel

The Excel TBILLPRICE function returns the price per $100 face value for a Treasury bill

Syntax:= TBILLPRICE (settlement, maturity, discount)

The TBILLPRICE function syntax has the following arguments:

• Settlement    Required. The Treasury bill’s settlement date. The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer.
• Maturity    Required. The Treasury bill’s maturity date. The maturity date is the date when the Treasury bill expires.
• Discount    Required. The Treasury bill’s discount rate.

Example: Let’s look at some Excel TBILLPRICE function examples and explore how to use the TBILLPRICE function as a worksheet function in Microsoft Excel:

The following spreadsheet shows the Excel Tbillprice function used to calculate the price, per $100 face value, of a treasury bill with settlement date 01-Jun-2020, maturity date 01-Dec-2020 and a discount rate of 6%

Syntax:  =TBILLPRICE(B1,B2,B3)

Result:

Note:

1. #NUM! error – Occurs if either:
   • The settlement date is greater than or equal to the maturity date
   • The maturity date is more than 1 year after the settlement date
   • The supplied discount argument is less than or equal to 0.
2. #VALUE! error – Occurs if either:
   • Any of the supplied arguments are non-numeric
   • The settlement or the maturity arguments are not valid dates.
3. Settlement and maturity are truncated to integers.
4. The settlement and maturity arguments should be supplied to the function as either:
   • References to cells containing dates
   • Dates returned from other functions or formulas
5. TBILLPRICE is calculated as follows: where:

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