Bond calculations – HP 17bII+ User Manual
Page 249
B: More About Calculations 249
File name : English-M02-1-040308(Print).doc Print data : 2004/3/9
Ч
Ч
∑
∑
=
=0
＝
＝
＝
＝
1
( % : )
( % : )
(
)
k
j
j
k
j
j
j
NFV
NPV
SPFV i
N where N
n
NPV
NUS
USPV i
N
TOTAL
n
CF
Bond Calculations
Reference: Lynch, John J., Jr. and Jan H. Mayle, Standard Securities
Calculation Methods, Securities Industry Association, New York, 1986.
A
＝accrued days, the number of days from beginning of coupon period
to settlement date.
E
＝number of days in coupon period bracketing settlement date. By
convention, E is 180 (or 360) if calendar basis is 30/360.
DSC
＝number of days from settlement date to next coupon date. (DSC
＝
E
－
A).
M
＝coupon periods per year ( 1 ＝ annual, 2 ＝ semiannual),
N
＝number of coupon periods between settlement and redemption dates.
If N has a fractional part (settlement not on coupon date), then
round it to the next higher whole number.
Y
＝annual yield as a decimal fraction, YLD% / 100.
For one or fewer coupon period to redemption:
%
%
1
CPN
CALL
A
CPN
M
PRICE
DSC
Y
E
M
E
M
+
Ч
+
Ч
＝
－
For more than one coupon period to redemption: