# The Excel TBILLPRICE Function

Related Functions:
TBILLEQ
TBILLYIELD

## Function Description

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

The syntax of the function is:

TBILLPRICE( settlement, maturity, discount )

Where the arguments are as follows:

 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). pr - The treasury bill's percentage discount rate.

Note that the supplied maturity date must be greater than, but no more than one year after the settlement date.

Note also, that these dates should be supplied to the function as either:

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

Warning: If you attempt to input text representations of dates into Excel functions, the interpretion of these can differ, depending to the date system and date interpretation settings on your computer.

## Excel Tbillprice Function Example

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-Feb-2017, maturity date 30-Jun-2017 and a discount rate of 2.75%:

AB
1Settlement Date:01-Feb-2017
2Maturity Date:30-Jun-2017
3=TBILLPRICE( B1, B2, 2.75% )

This function returns the value 98.86180556.

I.e. a treasury bill with the above terms would be valued at \$98.86.

Note that, in the above example:

• As recommended, the date arguments are supplied to the function as references to cells containing dates;
• The discount rate of 2.75% is input as a percentage. However, this could be input as the simple numeric value 0.0275.

For further examples of the Excel Tbillprice function, see the Microsoft Office website.

## Tbillprice Function Errors

If you get an error from the Tbillprice function, this is likely to be one of the following:

Common Errors
 #NUM! - Occurs if either:The settlement date is ≥ maturity dateorThe maturity date is more than 1 year after the settlement dateorThe supplied discount argument is ≤ 0. #VALUE! - Occurs if either:The supplied settlement or maturity arguments are not valid Excel datesorAny of the supplied arguments are non-numeric.