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=TBILLYIELD()
Returns the yield for a Treasury bill.
Applies To:
Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016
=TBILLYIELD(settlement, maturity, pr)
Hover argument names in the table for details.
Output typeNumber
Popularity4 / 100
VolatileNo
Dynamic ArrayNo
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◧ Arguments
| Argument | Type | Required | Description |
|---|---|---|---|
settlement |
Date | Required | 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 |
Date | Required | The Treasury bill's maturity date. The maturity date is the date when the Treasury bill expires. |
pr |
Number | Required | The Treasury bill's price per $100 face value. |
▣ Examples
▦ Data
| Cell | Value | Description |
|---|---|---|
A2 |
3/31/2008 | Settlement date |
A3 |
6/1/2008 | Maturity date |
A4 |
$98.45 | Price per $100 face value |
A5 |
3/31/2008 | Settlement date |
A6 |
6/1/2008 | Maturity date |
A7 |
$98.45 | Price per $100 face value |
The yield for the Treasury bill using the terms in A2, A3, and A4 (0.0914, or 9.14%).
=TBILLYIELD(A2,A3,A4)
Result:
9.14%
§ Remarks
- 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.
- 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: where: DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.
✦ Tips
- 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.
- Settlement and maturity are truncated to integers.
⚠ Common Errors
#VALUE!
If settlement or maturity is not a valid date, TBILLYIELD returns the #VALUE! error value.
Fix: تاریخها را با تابع DATE وارد کنید و مطمئن شوید مقادیر تاریخ معتبر هستند.
#NUM!
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.
Fix: Check the dates and the third argument
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