Financial

TBILLPRICE Function in Excel

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

Syntax

  • =TBILLPRICE(settlement, maturity, discount)

Arguments

  • settlement (required): Settlement date
  • maturity (required): Maturity date
  • discount (required): Discount rate

Examples

  • =TBILLPRICE("3/31/2024", "6/1/2024", 0.09) - T-bill price - Result: 98.45

TBILLPRICE modeling tips

  • Align rate and period units (annual rate ÷ 12 for monthly models).
  • Use consistent cash-flow signs (outflows negative, inflows positive).
  • Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

  • #NUM! if maturity > 1 year from settlement

Use cases

  • T-bill pricing
  • Money market
  • Fixed income

Frequently asked questions

  • What is TBILLPRICE used for? TBILLPRICE calculates the price per $100 face value of a Treasury bill given its discount rate. T-bills are sold at a discount to face value - TBILLPRICE tells you what to pay for a T-bill with a given discount rate.
  • How do I calculate T-bill purchase cost? Price per $100 = TBILLPRICE(settlement, maturity, discount). For $10,000 face value: cost = TBILLPRICE(...) × 100. A 90-day T-bill at 5% discount: =TBILLPRICE(today, today+90, 0.05) ≈ $98.75 per $100 face.
  • Why do T-bill prices vary with time to maturity? Longer time = more discount. Price = 100 × (1 - discount_rate × days/360). A 5% discount for 90 days: 100 × (1 - 0.05 × 90/360) = $98.75. For 180 days: 100 × (1 - 0.05 × 180/360) = $97.50.

Editorial review

  • Reviewed by Excel.Directory Editorial Team. Updated May 2026.