Zoho Sheet TBILLPRICE: Price a Treasury bill from its discount rate

=TBILLPRICE(settlement; maturity; discount_rate)

All three arguments are required. Zoho describes the result as a price per $100 par value. Settlement and maturity are dates; discount_rate is a decimal discount rate, such as 0.08 for 8%. There is no optional basis argument. Official TBILLPRICE reference.

Do not add an unsupported day-count argument simply because another financial function accepts one. The model below is independently checked against complete published Zoho examples rather than inferred from another spreadsheet’s function name.

In a fresh worksheet enter:

Enter =TBILLPRICE(B2;B3;B4) in B6. The independent reference is 98. The fully explicit formula is:

=TBILLPRICE(DATE(2025;1;1);DATE(2025;4;1);0.08)

There are 90 actual calendar days: 31 in January, 28 in February and 31 in March. The independent model supported by the vendor examples is:

price = 100 * (1 - discount_rate * days/360)

For this case, 100*(1-0.08*90/360)=98. The reduction from par is 2 per 100. This is independent arithmetic, not an authored Zoho execution result.

Zoho’s published worksheet shows these rows:

The actual date differences are 70 and 364 days. Independent calculations give 100*(1-0.03*70/360)=99.4166666667 and 100*(1-0.0225*364/360)=97.725, agreeing with the displayed precision. Published TBILLPRICE demonstration.

These are observations of the vendor’s read-only example, separate from executing a new workbook. They support actual-day discount arithmetic for these dates; they do not establish every leap-day or exact one-year boundary.

For settlement January 1, 2025, maturity June 30, 2025 and discount rate 0.06, the actual difference is 180 days. The independent price is 100*(1-0.06*180/360)=97.

If an illustrative holding has par value 10,000, scale that quotation by 10000/100. The corresponding model amount is 9,700 before fees or other adjustments. The function has no holding-size argument; entering a different principal into the rate position would not perform this conversion.

For a fixed interval, increasing the discount rate lowers the model price. For a fixed positive discount rate, increasing the interval also lowers it. These direction checks can expose an accidentally entered 6 instead of 6% or swapped dates.

The 90-day example has a discount of 2 on par 100, but the holding-period return relative to price is 2/98, approximately 2.0408163%. Annualizing that simple return on a 360-day basis gives about 8.1632653%, which differs from the input discount rate of 8%.

TBILLYIELD asks that price-based yield question. Do not label the discount_rate input as a guaranteed realized return. Taxes, fees, execution terms and uncertain future events are outside this worksheet example.

Zoho lists #NUM! for a negative discount rate, settlement after maturity, or maturity more than one year after settlement. The article does not define every equality case, zero-date interval, exact one-year test, fractional serial or extreme rate outcome. Keep inputs within the documented ordinary domain and avoid inventing a precise error code for an unverified boundary. Official error conditions.

Use DATE rather than ambiguous date strings. Price quotations, date formatting and percentage formatting are separate concerns: a number displayed as a percentage is not automatically a valid price.

The official article and public demonstration were checked October 18, 2026. Worked examples are independent model calculations; no authored Zoho execution or public screenshot is claimed. The rolling documentation does not establish an introduction release, mobile parity or historical lifecycle. This is function-mechanics guidance, not an investment recommendation.