APR and APY calculator
A simple yearly rate against the rate with compounding.
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T-bill calculator
What a treasury bill bought below its face value really pays, as a yearly rate you can compare with savings.
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The bill
The yield
Paying $9,800.00 for $10,000.00 in 182 days earns $200.00 (2.04%), a yield of 4.09% a year to compare with a savings rate.
- Discount yield
- 3.956%: the quoted rate, worked out on what the bill pays back and a 360-day year, so it reads lower.
- Money-market yield
- 4.037%: on the price you pay, 360-day year.
The same quoted discount yield on other lengths of bill.
| Days | Price | Gain | Yield a year |
|---|---|---|---|
| 28 | $9,969.23 | $30.77 | 4.02% |
| 91 | $9,900.00 | $100.00 | 4.05% |
| 182 | $9,800.00 | $200.00 | 4.09% |
| 364 | $9,600.00 | $400.00 | 4.18% |
Education only, not investment advice. The answer comes from the numbers you typed in, not from your account or the market. Simulated results are hypothetical and have limits: real trading has slippage, gaps, changing results and emotions. Trading leveraged products can lose money quickly, including all of it. Risk warning
Educational only, not financial advice; trading involves risk.
Three yields for one bill
A bill pays no interest. You buy it below its face value and get the full amount back at the end. Pay 9,800 for 10,000 in 182 days and you earn 200, or 2.04%. Bills are quoted by a discount yield, worked out on the 10,000 with a 360-day year, which gives 3.96%. To compare with a savings account, use the bond-equivalent yield, worked out on the 9,800 you paid with a 365-day year: about 4.09%.
To turn a quoted APR into what you really earn, use the APR and APY calculator; to see that rate after inflation, the real return calculator.
Not advice or tax advice. Arithmetic on the numbers you type; fees and taxes are left out.
Next tools
Real return calculator
A return after inflation, in today's money.
CAGR calculator
The yearly growth rate from start to end, and time to double.
Pricing
Three ways in. Pick yours.
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Baroq never holds your money and never trades for you. Educational only, not financial advice; trading involves risk.