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What is the formula you would use to calculate this? I am not talking about in excel, but rather on pen and paper. YTM with

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What is the formula you would use to calculate this? I am not talking about in excel, but rather on pen and paper.

YTM with Annual Coupons Consider a bond with a 10% annual coupon rate, 15 years to maturity and a par value of $1000. The current price is $928.09. Will the yield be more or less than 10%? 15 N -928.09 PV 1000 FV CPT I/Y = 11 i.e. YTM = 11% X FINC 300 21

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