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Microsoft® Excel® 2010 Formulas & Functions Inside Out by Helmut Reinke Egbert Jeschke Sara Unverhau, Eckehard Pfeifer, Bodo Fienitz, and Jens Bock

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TBILLEQ()

Syntax. TBILLEQ(Settlement,Maturity,Discount)

Definition. This function calculates the equivalent annual interest rate in arrears based on 365 days for a given anticipative annual interest rate based on 360 days. The latter is usually formulated as the discount rate of the par value (disagio). It is used for U.S. treasury bills.

Arguments

  • Settlement (required) The date when the ownership of the security changes

  • Maturity (required) The date of the repayment of the certified par value

  • Discount (required) The percent disagio of the par value

There are the following requirements:

  • Settlement and Maturity require a date specification without a time; decimal places are truncated. Invalid date specifications return the #VALUE! error.

  • If the start date ...

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