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# HP 12c Calculator - Price and Yield to Call

Description
This program calculates price and yield to call, assuming a semi-annual coupon payment, called on a coupon date and an actual/actual day basis. Prices are based on a par value of 100. This routine does not work on issue dated bonds.
 Keys (RPN mode) Display Press f, P/R, f, then PRGM 00- Press STO, then 2 01-442 Press x>
 Register Use n Used i Used PV Used PMT Used FV Used R0 Used R1 Settlement date R2 Maturity date R3-R6 Unused
Instructions
1. Key in the program listed above.
2. Key in the annual coupon rate (as a percentage), and press PMT.
3. Key in the call price, and press FV.
4. Key in the purchase price, and press PV If the purchase price is unknown, key in 0.
5. Key in the annual yield (as a percentage), and press i. If the yield is unknown, key in 0.
6. Key in the settlement date, and press ENTER.
7. Key in the call date, and press R/S. If the purchase price is 0, the price to call is calculated. If the yield is 0, the yield to call is calculated.
Example of calculating yield to call for a coupon bond
A 10 percent coupon bond was purchased on 26 Oct., 1995 for \$97.25. If the bond is called on 16 Mar, 2000 for 103, what is yield to call?
 Keys (RPN mode) Display Description Press 10, then PMT 10.00 Stores annual coupon rate Press 103, then FV 103.00 Stores call price Press 97.25, then PV 97.25 Stores price Press 0, then i 0.00 Stores 0 in i Press 10.261995 10.26 Stores the settlement date Press 3.162000, then R/S 11.35 Calculates yield to call
Example of calculating purchase price for a coupon bond
A bond with a 9.5 percent coupon and a call of 102 has a settlement date of 28 Aug., 1995 and a call date of 1 Jun., 2001. If the bond is to yield 11 percent, what is the purchase price?
 Keys (RPN mode) Display Description Press 9.5, then PMT 9.50 Stores annual coupon rate Press 102, then FV 102.00 Stores call price Press 11, then i 11.00 Stores yield to call Press 8.281995, then ENTER 8.28 Stores settlement date Press 6.012001, then R/S 94.77 Calculates purchase price

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