Treasury Bill Price & Yield Calculator
Translate a bill purchase price or bank-discount quote into interest and clearly named yield conventions.
Your inputs
Use consistent units and periods. Defaults are examples.
Your result
Check the assumptions below before relying on a result.
Formula and method
Price from a bank-discount quote = face × (1 − discount rate × actual days ÷ 360). Interest = face − price. Bank-discount yield = interest ÷ face × 360/days. Simple purchase-price yield = interest ÷ price × 365/days. Hypothetical effective annual return = (face/price)^(365/days) − 1.
Worked example
10,000 face bought for 9,800 with 182 days to maturity pays 200 interest. The bank-discount yield is about 3.9560%, while the simple Actual/365 purchase-price yield is about 4.0928%. Different denominators and year lengths make these rates different.
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Open calculator ↗How to use this result
- Choose purchase price or bank-discount quote.
- Use total face and total cost for the same holding.
- Enter actual days from settlement to maturity.
- Compare yield labels carefully; the annual effective scenario is not a guaranteed rollover rate.
Questions about this calculation
Why is discount yield lower than purchase-price yield?
Discount yield divides interest by face value and annualizes on 360 days. Purchase-price yield divides by the amount actually invested and here uses 365 days.
Is the effective annual return the rate I will earn?
Only if equivalent returns can be reinvested repeatedly for a full year. A single bill earns its holding-period return.
Does this retrieve auction results?
No. Enter your quoted or illustrative figures. The official Treasury source provides auction and pricing information.