Bond Pricing & YTM

Fixed-coupon bond pricing and yield-to-maturity (YTM).

Inputs

• Face value, annual coupon rate, coupons per year, years to maturity.
• Either price → solve for YTM, or yield → solve for price.

Formulas

Price = Σ C·(1+y/m)^−k + F·(1+y/m)⁻ⁿ over k=1..n coupons; YTM solved by bisection.