How to use the function TBILLPRICE() in Excel and other spreadsheet tools for US Treasury Bills?

TBILLPRICE() is a function provided in Microsoft Excel, Apache OpenOffice and other spreadsheet tools. It allows you to calculate the price for a US Treasury Bill (T-Bill) of $100 face value (par value) with a given discount rate.

TBILLPRICE(settlement, maturity, discount)

where:
  settlement = the settlement date after purchasing the T-Bill 
  maturity = the maturity date of the T-Bill 
  discount = the discount rate 

You can follow these steps to use the TBILLPRICE() function:

1. Start Excel or other spreadsheet tool.

2. Enter the following formula in a cell:

=TBILLPRICE("2024-12-26", "2025-06-26", 0.04170)

3. Take the output:

97.89183333 ($97.891833 as the price) 

4. Compare it with the following 26-week T-Bill transaction example:

CUSIP: 912797NW3
Type: 26-Week Bill 
Par Amount: $10,000.00 (Face value) 
Purchase Price: $9,789.18

Investment/Interest Rate: 4.319% (BEY - Bond Equivalent Yield)
Yield: 4.170% (Discount rate)
Price per $100: 97.891833

Discount: $210.82

Issue Date: 2024-12-26 (Settlement date)
Maturity Date: 2025-06-26

As you can see, the output of the TBILLPRICE() function matches well the price in this example.

You can also use our online calculator to validate the result. Click this link "T-Bill 912797NW3 settled on 2024-12-26 with a discount rate of 4.1700%, you will see the price of $97.8918 displayed.

You can also try the following 52-week T-Bill:

Term and Type of Security: 364-Day Bill 
CUSIP: 912797QD

High Rate: 3.820% (Discount rate)
Price: 96.137556
Investment Rate: 3.989% (BEY (Bond Equivalent Yield))

Issue Date: 2025-04-17
Maturity Date: 2026-04-16

Enter the following formula in a cell:

=TBILLPRICE("2025-04-17", "2026-04-16", 0.03820)

output:
  96.13755556 ($96.137556 as the price)

As you can see, the output of the TBILLPRICE() function matches well with the price in this example.

You can also use our online calculator to validate the result. Click this link "T-Bill 912797NW3 settled on 2025-04-17 with a discount rate of 3.820%, you will see the price of $96.1376 displayed.

⇒ TBILLEQ() Spreadsheet Function for T-Bill

⇐ Spreadsheet Functions for T-Bill

⇑ Spreadsheet Functions for T-Bill

⇑⇑ US Treasury Securities