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WorksheetFunction.TBillPrice method (Excel)

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Returns the price per $100 face value for a Treasury bill.

Syntax

expression.TBillPrice (Arg1, Arg2, Arg3)

expression A variable that represents a WorksheetFunction object.

Parameters

Name Required/Optional Data type Description
Arg1 Required Variant Settlement - 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.
Arg2 Required Variant Maturity - the Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires.
Arg3 Optional Variant Discount - the Treasury bill's discount rate.

Return value

Double

Remarks

Important

Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.

Note

Visual Basic for Applications (VBA) calculates serial dates differently than Excel. In VBA, serial number 1 is December 31, 1899, rather than January 1, 1900.

Settlement and maturity are truncated to integers.

If settlement or maturity is not a valid date, TBillPrice returns the #VALUE! error value.

If discount ≤ 0, TBillPrice returns the #NUM! error value.

If settlement > maturity, or if maturity is more than one year after settlement, TBillPrice returns the #NUM! error value.

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:

Formula

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