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# HP 17Bii, 17Bii+, and 19Bii Calculators - Calculating Coupon Equivalent Yield

Description
The coupon equivalent yield is a way of determining which of two investments of similar maturity will provide a higher return; a non-interest bearing obligation purchased at a discount (a Treasury Bill) or a semi-annual coupon bond on a 365-day basis (a government bond). The following equation calculates the coupon equivalent yield.
Calculating the coupon equivalent yield
To calculate the coupon equivalent yield, do the following:
1. Enter the CPN.EQ.YLD equation into the Solver as follows:
CPN.EQ.YLD:PRICE=100÷I
F(DDAYS(SETL:MAT:1)<=18
2:DDAYS(SETL:MAT:1)xCYL
D(36500+1:((DDAYS(SETL:
MAT:1)x2-365)(365xCYLD(
200+1)x(CYLD(200+1))
2. Verify the equation:
• For the HP 17bii and 17bii+, press EXIT, EXIT, YES (to save), then CALC.
• For the HP 19bii, press CALC.
3. Store the following variables:
• Purchase price in PRICE
• Settlement date (in MM.DDYYYY format) in SETL
• Maturity date (in MM.DDYYYY format) in MAT
4. Press CYLD to calculate the coupon equivalent yield (as a percent).
Example for calculating the coupon equivalent yield
What is the coupon equivalent yield of a bond with a settlement date of July 13, 1995, a maturity date of May 1, 1996, and a price of \$96.78?
 Keys Display Description Press 96, [.], 78, then PRICE PRICE=96.78 Stores bond price Press 7, [.], 131995, then SETL SETL=7.13 Stores settlement date Press 5, [.], 011996, then MAT MAT=5.01 Stores maturity date Press CYLD CYLD=4.11 Calculates equivalent yield

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