Show that the bond prices B_p given by (8.38) and (8.39) are convex functions of the yield y.

Given the price of the bond Bp, coupon payments P , and maturity time T, the yield to maturity is defined as the constant value of y that satisfies the equation y n . Bp = (1+y/mi? (8.38) i=1 n which is based on discrete compounding m times in a year. For continuous compounding we have Bp= Pierre (8.39) i=1 Given the price of the bond Bp, coupon payments P , and maturity time T, the yield to maturity is defined as the constant value of y that satisfies the equation y n . Bp = (1+y/mi? (8.38) i=1 n which is based on discrete compounding m times in a year. For continuous compounding we have Bp= Pierre (8.39) i=1