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Financial calculators and cash flows · Bond
Bond. Discounts regular coupons and redemption at the yield. Settlement is on a coupon date; accrued interest and irregular periods are excluded.
Bond
Mathematical examples based on your inputs; taxes, fees and market forecasts are not included.
Results are for study and planning. Check decisions about real money with a qualified professional.
Your calculation
- Price (per 100)
- 107.7945811428
- Modified duration (Years)
- 7.5724815788
How the calculation works
Discounts regular coupons and redemption at the yield. Settlement is on a coupon date; accrued interest and irregular periods are excluded.
A worked example
- Annual coupon (%)
- 6
- Yield to redemption (%)
- 5
- Redemption value (per 100)
- 100
- Periods
- 20
Step by step
- Annual coupon (%) ÷ 2 = 3 · Yield to redemption (%) ÷ 2 = 2.5 % · n = 20
- 3 × (1 − (1 + 2.5 %)^−20) ÷ 2.5 % = 46.77
- 100 × (1 + 2.5 %)^−20 = 61.03
- Price (per 100) = 46.77 + 61.03 ≈ 107.79 · Modified duration (Years) = 7.57
Coupon and yield are yearly percentages split by the coupons per year. Periods count coupons, not years: 20 semiannual periods are 10 years.
If one input changes
- Yield to redemption (%) = 3: Price (per 100) = 125.75
- Yield to redemption (%) = 4: Price (per 100) = 116.35
- Yield to redemption (%) = 6: Price (per 100) = 100
- Yield to redemption (%) = 7: Price (per 100) = 92.89
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