The Museum of HP Calculators

U. S. Treasury Bill Valuation for the HP-38E/C

This program is Copyright © 1978 by Hewlett-Packard and is used here by permission. This program was originally published in "HP-38E/38C Personal Finance Applications" book. This program was transcribed by Kris Collins.

This program is supplied without representation or warranty of any kind. Hewlett-Packard Company and The Museum of HP Calculators therefore assume no responsibility and shall have no liability, consequential or otherwise, of any kind arising from the use of this program material or any part thereof.


This HP-38E/38C program calculates the price per $100 and the dollar value of U. S. Treasury Bills given the face amount, the quote and maturity dates and the bid and ask quotations (as a percent yield).  The price per $100 and the dollar value may be calculated on either bid or ask quotation alone if only one is known.



g P/R g CLP00-g EEX11-   25  32

f CHANGE DAYS01-   24  41212-          2

R/S02-        74-13-         41
+03-        51CHS14-         32
204-         2R/S15-         74
÷05-        71g LASTx16-     25 31
x06-        61÷17-         71
307-         3x18-         61
608-         6g GTO 0019-   25 7 00
009-         0g P/R
÷10-        71

To use the program:

  1. Key in the program and set the Date Format switch to the proper setting.
  2. Key in the quotation date, press ENTER.  Key in the due date, press R/S.  the number of days between dates is displayed.
  3. Key in the bid quotation, press ENTER.  Key in the ask quotation and press R/S to calculate the price per $100.  (If only the bid or ask quotation is known, key it in, press ENTER R/S to use the single quote to calculate the price.)
  4. Key in the face value, press R/S to calculate the market value.
  5. For another bill, go to step 2.


The following dates and quotations were given for three treasury bills.  Find the prices per $100 and the dollar value of each.
Face Amount Quote Date Due Date Bid  Ask
$100,000 Feb. 5, 1979 May 15, 1979 5.75% 5.5%
$50,000 Nov. 15, 1979 March 20, 1980 5.5% 5.25%
$70,000 Dec. 10, 1979 Jan. 15, 1980 - 5.0%

Keystrokes: Display:
switch D.MY -> M.DY
2.051979 ENTER
5.151979 R/S 99.00 Days between dates
5.75 ENTER 5.5 R/S 98.45 Price per $100
100000 R/S 98,453.13 Dollar value
11.151979 ENTER
3.201980 R/S 126.00 Days between dates
5.5 ENTER 5.25 R/S 98.12  Price per $100
50000 R/S 49,059.38 Dollar value
12.101979 ENTER
1.151980 R/S 36.00 Days between dates
5 ENTER R/S 99.50 Price per $100
70000 R/S 69,650.00 Dollar value

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