## Summary

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

## Purpose

Get price per \$100 Treasury bill

Price per \$100

## Syntax

``=TBILLPRICE(settlement,maturity,discount)``
• settlement - Settlement date of the security.
• maturity - Maturity date of the security.
• discount - The discount rate for the security.

## How to use

The TBILLPRICE function returns the price per \$100 face value for a Treasury bill, based on a settlement date, a maturity date, and a discount. In the example shown, the settlement date is 5-Feb-2019, the maturity date is 1-Feb-2020, and the discount is 2.45%. The formula in F5 is:

``````=TBILLPRICE(C6,C7,C8)
``````

With these inputs, the TBILLPRICE function returns a price per \$100 of \$97.54, with currency number format applied.

To convert the face value of \$1000 in cell C5 to a price using the value returned by TBILLPRICE, F6 contains this formula:

``````=F5/100*C5
``````

### Entering dates

In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. To enter valid dates directly inside a function, the DATE function is the best option.