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## HP 12c calculator - 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).
 Keys (RPN mode) Display Press f, P/R, f,then PRGM 00- Press RCL, then 0 01- 45 0 Press RCL, then 1 02- 45 1 Press g, then DYS 03- 43 26 Press STO, then 3 04- 44 3 Press 1 05- 1 Press 8 06- 8 Press 2 07- 2 Press the x>
 Registers Use n Unused i Unused PV Unused PMT Unused FV Unused R0 Settlement R1 Maturity R2 Price R3 # Days R4 Used R5 Used R6 - R0 Unused
Instructions for calculating coupon equivalent yield
1. Key in the program.
2. Key in the settlement date and press STO, then 0
3. Key in the maturity date and press STO, then 1
4. Key in the purchase price and press STO, then 2
• R/S to calculate the coupon equivalent yield (as a percent)
Example of calculating the coupon equivalent yield for a bond
What is the coupon equivalent yield of a bond with a settlement date of July 13, 1984, a maturity date of May 1, 1985, and a price of \$96.78?
 Keys (RPN mode) Display Description Press f, then REG 0.00 Clears all registers Press 7.131984,STO, then 0 7.13 Stores settlement date Press 5.011985,STO, then 1 5.01 Stores maturity date Press 96.78, STO, then 2 96.78 Stores bond price Press R/S 4.13 Calculates coupon equivalent yield

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