Returns the yield for a Treasury bill.
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.
Settlement is 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.
Maturity is the Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires.
Pr is the Treasury bill's price per $100 face value.
- Microsoft Office 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.
- Settlement and maturity are truncated to integers.
- If settlement or maturity is not a valid date, TBILLYIELD returns the #VALUE! error value.
- If pr ≤ 0, TBILLYIELD returns the #NUM! error value.
- If settlement ≥ maturity, or if maturity is more than one year after settlement, TBILLYIELD returns the #NUM! error value.
- TBILLYIELD is calculated as follows:
DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.
The example may be easier to understand if you copy it to a blank worksheet.
How to copy an example
- Create a blank workbook or worksheet.
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Note Do not select the row or column headers.
Selecting an example from Help
- Press CTRL+C.
- In the worksheet, select cell A1, and press CTRL+V.
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|March 31, 2008
|June 1, 2008
||Price per $100 face value
||The yield, for the treasury bill with the terms above (0.091417 or 9.1417 percent)