IRD Determination G3: Yield to Maturity Method for Bonds (worked example)

[Snoopy]

From the referenced IRD document:
"In general there is no explicit formula for a yield to maturity in terms of the cashflows."

So what is this then?
https://www.wallstreetmojo.com/yield...y-ytm-formula/

Y = YTM = [C + (F-P)/n] / [(F+P)/2]

OK, I have found another reference on this topic which is more in line with what I was expecting to find.
https://www.omnicalculator.com/finan...ld-to-maturity

Bond Price= ∑(k=1,n) [ C/ (1+Y)^k ]

Where 'C' is the coupon (as before), and k is the 'investment period' for a whole series of cashflows, starting at 1 and ending at n, and lastly Y is the 'yield to maturity' (as before).
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This is a 'summation calculation of the cashflows' formula that I was expecting. Under certain circumstances, there are ways of summing these 'sigma' calculations with a simplified formula. I suspect the YTM calculation in the quoted text above might be that, for the special case where 'C' is the same for all investment periods. But I should get the same answer 'either way' . So let's see.......

The 'bond price' in the equation in this post refers to the price the investor must pay to acquire the bond, which = $1,012.5k in this case.


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