Answers
YTM is calculated using RATE function in Excel with these inputs :
nper = 8*2 (8 years to maturity with 2 semiannual coupon payments each year)
pmt = 10000 * 4.6% / 2 (semiannual coupon payment = face value * annual coupon rate / 2. This is a positive figure as it is an inflow to the bondholder)
pv = -9572 (Current bond price. This is a negative figure as it is an outflow to the buyer of the bond)
fv = 10000 (face value of the bond receivable on maturity. This is a positive figure as it is an inflow to the bondholder)
The RATE calculated is the semiannual YTM. To calculate the annual YTM, we multiply by 2.
Annual YTM is 5.26%
YTM of bond is 5.26%
A1 Х ✓ fic =RATE(8*2,10000*4.6%/2,-9572,10000)*2 B C D E F G H А 5.26% 1 2
.
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