Bond pricing using PV function
Face value	$1,000.00
Annual coupon rate	8.0%
Time to maturity (in years)	15
Yield to maturity	7.0%
Coupon payments per year	2
Price of bond		Use PV(rate, nper, pmt, [fv]) and put a negative sign
Bond price as a function of yield
Face value	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Coupon rate	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%
Time to maturity (in years)	10	10	10	10	10	10	10	10	10	10	10
Yield to maturity	1.0%	2.0%	3.0%	4.0%	5.0%	6.0%	7.0%	8.0%	9.0%	10.0%	11.0%
Coupon payments per year	2	2	2	2	2	2	2	2	2	2	2
Price of bond
Flat vs Invoice Price
Settlement date	9/28/20
Maturity date	6/30/30
Annual coupon rate	3.000%
Yield to maturity	2.700%
Redemption value (% of par)	100
Coupons payment per year	2
Flat price (% of par)		PRICE (settlement, maturity, coupon rate, YTM, redemption value, coupoon frequency per year)
Days since last coupon		COUPDAYBS(settlement, maturity, frequency, [basis]) *** enter 1 for basis
Days in coupon period		COUPDAYS(settlement, maturity, frequency, [basis]) *** enter 1 for basis
Accrued interest		* use the definition in lecture slide
Invoice price		* use the definition in lecture slide
Solve for YTM
Settlement date	9/28/20
Maturity date	9/28/38
Annual coupon rate	7.00%
Redemption value (% of par)	100
Coupons payment per year	2
Flat price (% of par)	105
Yield to Maturity		YIELD (settlement , maturity, coupon rate, price, redemption, coupon frequency per year)
For the bond above, how can you get YTC if it is callable in 5 years at call price 110 (% of par)? Fill the blanks below.
Settlement date	9/28/20
Call date	9/28/25
Annual coupon rate	7.00%
Redemption value (% of par)
Coupons payment per year	2
Flat price (% of par)	105
Yield to Call
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