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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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