U.S. Treasury Bills (T-bills) are among the safest and most liquid short-term investments. Since they’re sold at a discount and mature at face value, investors don’t receive interest payments—they profit from the difference between the purchase price and redemption value. To understand the return on investment, Excel provides the TBILLYIELD function, which helps calculate the annualized yield of a T-bill based on its price.

When investing in Treasury Bills (T-bills), it's essential to understand how much to pay today for a future return. Since T-bills are zero-coupon securities sold at a discount, the price you pay is always less than their face value. Excel’s TBILLPRICE function helps investors and analysts quickly determine the current purchase price of a T-bill based on its discount rate and time to maturity.

In fixed-income investing, Treasury bills (T-bills) are one of the most common short-term government securities. They are zero-coupon instruments, sold at a discount and redeemed at face value. While the discount rate is traditionally used to quote yields on T-bills, it's not directly comparable to bond-equivalent yields used for other instruments. That's where Excel's TBILLEQ function becomes essential.

In fixed-income analysis, not all securities pay periodic interest. Instruments like Treasury bills, commercial paper, and zero-coupon bonds are issued at a discount and redeemed at full face value. To determine their price based on a given discount rate, Excel provides the PRICEDISC function. This article explores the PRICEDISC function from a professional finance perspective, including its purpose, structure, usage examples, and best practices.