yield to maturity of a level coupon bond

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Finance[yieldtomaturity] - yield to maturity of a level coupon bond

	Calling Sequence
	yieldtomaturity(amount, face, couponrate, maturity)

Parameters

amount	-	present value of the bond
face	-	face value of the bond
couponrate	-	rate indicated by the bond
maturity	-	number of periods to maturity

Description

•	The function yieldtomaturity the interest rate ``rate'' of a bond with face value ``face'', present value ``amount'', maturing in ``maturity'' period and paying at a rate ``couponrate'' per period.

•	The coupon rate is the rate that determines the payments that the bond gives.

•	This function is closely related to the levelcoupon function.

•	The command with(Finance,yieldtomaturity) allows the use of the abbreviated form of this command.

•	Since yieldtomaturity used to be part of the (now deprecated) finance package, for compatibility with older worksheets, this command can also be called using finance[yieldtomaturity]. However, it is recommended that you use the superseding package name, Finance, instead: Finance[yieldtomaturity].

Compatibility

•	The Finance[yieldtomaturity] command was introduced in Maple 15.

•	For more information on Maple 15 changes, see Updates in Maple 15.

Examples

Compare these examples with those in Finance[levelcoupon] I hold a bond with face value of 1000 U with an annual coupon rate of 12%. The coupon is paid twice yearly. The maturity is in 3 years. What is the yield to maturity of the bond, compounded semi-annually given that its present value is 1050.75 U

There are 6 periods of half a year until maturity.

(1)

Yield is 5% per half year, therefore it is

(2)

10% per year. If the present value is the same as the face value

(3)

In other words, the yield is identical to the coupon rate when the bond is valued at par. (Remember that the extra factor of 2 is to convert the semi-annual yield to annual yield).

Now let the present value decline to less than face.