TBILLYIELD

Returns the yield for a treasury bill.

If this function is not available, run the Setup program to install the Analysis ToolPak. After you install the Analysis ToolPak, you must enable it by using the Add-Ins command on the Tools menu.

Syntax

TBILLYIELD(settlement,maturity,pr)

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.

Remarks

• Settlement and maturity are truncated to integers.
• If any argument is nonnumeric, TBILLYIELD returns the #VALUE! error value.
• If settlement or maturity is not a valid date, TBILLYIELD returns the #NUM! error value.
• If pr £ 0, TBILLYIELD returns the #NUM! error value.
• If settlement ³ 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.

Example

A treasury bill has the following terms:

March 31, 1993, settlement date
June 1, 1993, maturity date
98.45 price per $100 face value

The treasury bill yield (in the 1900 date system) is:

TBILLYIELD("3/31/93","6/1/93",98.45) equals 9.1417 percent