BOND PRICE

VALUE OF A BOND
This Model Calculates The Value / Price of a Bond
Assumes Semiannual Interest Payments
25 Year Maximum (Maturity); Years Entered As .5, 1.0, 1.5, 2.0, etc.

DISCOUNTED DISCOUNTED SUM OF CASH FLOWS FOR

INTEREST CASH INTEREST CASH PRINCIPAL CASH PRINCIPAL CASH DISCOUNTED CASH CALCULATION OF
PERIOD FLOWS FLOWS FLOWS FLOWS FLOWS IRR

INPUTS 0 ($1,000.00) ($1,000.00) ($1,000.00) ($60,099.09)

FACE/PAR AMOUNT OF BOND (e.g.,
$1000) $100,000.00 1 $4,900.00 $4,454.55 $0.00 $0.00 $4,454.55 $4,900.00
COUPON INTEREST RATE PER YEAR
(e.g., .08, .09, .10) 9.80% 2 $4,900.00 $4,049.59 $0.00 $0.00 $4,049.59 $4,900.00
YEARS TO MATURITY (e.g., 2.0, 1.5, 6.0,
25.0) 8.0 3 $4,900.00 $3,681.44 $0.00 $0.00 $3,681.44 $4,900.00
Rate /
Period 4 $4,900.00 $3,346.77 $0.00 $0.00 $3,346.77 $4,900.00
REQUIRED RATE OF RETURN / DISCOUNT
RATE (e.g., .10, .08) 20.00% 10.00% 5 $4,900.00 $3,042.51 $0.00 $0.00 $3,042.51 $4,900.00
6 $4,900.00 $2,765.92 $0.00 $0.00 $2,765.92 $4,900.00
7 $4,900.00 $2,514.47 $0.00 $0.00 $2,514.47 $4,900.00
8 $4,900.00 $2,285.89 $0.00 $0.00 $2,285.89 $4,900.00
9 $4,900.00 $2,078.08 $0.00 $0.00 $2,078.08 $4,900.00

OUTPUT 10 $4,900.00 $1,889.16 $0.00 $0.00 $1,889.16 $4,900.00

PRICE / VALUE OF BOND $60,099.09 11 $4,900.00 $1,717.42 $0.00 $0.00 $1,717.42 $4,900.00
12 $4,900.00 $1,561.29 $0.00 $0.00 $1,561.29 $4,900.00
13 $4,900.00 $1,419.36 $0.00 $0.00 $1,419.36 $4,900.00
14 $4,900.00 $1,290.32 $0.00 $0.00 $1,290.32 $4,900.00
15 $4,900.00 $1,173.02 $0.00 $0.00 $1,173.02 $4,900.00
DATA TABLE ROR CHANGES $60,099.09 16 $4,900.00 $1,066.38 $100,000.00 $21,762.91 $22,829.30 $104,900.00
16% $ 72,560.76 17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
15% $ 76,232.08 18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
14% $ 80,162.04 19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
13% $ 84,371.58 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12% $ 88,883.52 21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
11% $ 93,722.70 22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
10% $ 98,916.22 23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
9% $ 104,493.61 24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
8% $ 110,487.07 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
7% $ 116,931.76 26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
6% $ 123,866.09 27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
5% $ 131,332.01 28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
4% $ 139,375.36 29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
3% $ 148,046.30 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
2% $ 157,399.71 31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
1% $ 167,495.67 32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
NPV = IRR =
$60,099.09 20.00%

BOND PRICE AS DISCOUNT RATE CHANGES

$167,076.93
$160,393.85
$153,710.78
$147,027.70
$140,344.62
$133,661.54
$126,978.47
$120,295.39
$113,612.31
$106,929.24
$100,246.16
BOND PRICE

$93,563.08
$86,880.00
$80,196.93
$73,513.85
$66,830.77
$60,147.70
$53,464.62
$46,781.54
$40,098.46
$33,415.39
$26,732.31
$20,049.23
$13,366.15
$6,683.08
$-
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

DISCOUNT RATE
 BOND YIELD TO MATURITY

YIELD TO MATURITY
This Model Calculates The Yield To Maturity For A Bond
Semiannual Interest Payments
25 Year Maximum (Maturity)
CASH FLOWS
DISCOUNTED DISCOUNTED SUM OF FOR
INTEREST INTEREST PRINCIPAL CASH PRINCIPAL DISCOUNTED CALCULATION
PERIOD CASH FLOWS CASH FLOWS FLOWS CASH FLOWS CASH FLOWS OF IRR

INPUTS 0 ($3,300,000.00) ($3,300,000.00) ($3,300,000.00) ($3,300,000.00)

PAR / FACE VALUE OF BOND
(e.g., $1,000) $1,000,000.00 1 $40,000.00 $38,461.54 $0.00 $0.00 $38,461.54 $40,000.00
COUPON INTEREST RATE PER
YEAR (e.g., .08, .10, .125) 8.00% 2 $40,000.00 $36,982.25 $0.00 $0.00 $36,982.25 $40,000.00
YEARS TO MATURITY (e.g., 2.0,
1.5, 10.0, 21.5) 2.0 3 $40,000.00 $35,559.85 $0.00 $0.00 $35,559.85 $40,000.00
Rate /
Period 4 $40,000.00 $34,192.17 $1,000,000.00 $854,804.19 $888,996.36 $1,040,000.00
CURRENT PRICE OF BOND (e.g.,
$1052.50) $ 3,300,000.00 4.00% 5 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
6 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
7 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
8 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
9 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

OUTPUT 10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

YIELD TO MATURITY -47.64% 11 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
CURRENT YIELD 2.42% 12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
CAPITAL GAINS YIELD -50.07% 13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
EFFECTIVE ANNUAL RATE Err:502 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
19 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
NPV = IRR =
$1,000,000.00 -47.64%
 YIELD TO CALL

YIELD TO CALL
This Model Calculates Yield To First Call Date For A Callable Bond
Semiannual Interest Payments
25 Year Maximum (Maturity)
CASH FLOWS CASH FLOWS
DISCOUNTED DISCOUNTED SUM OF FOR DISCOUNTED DISCOUNTED SUM OF FOR
INTEREST INTEREST PRINCIPAL PRINCIPAL DISCOUNTED CALCULATIO INTEREST INTEREST PRINCIPAL PRINCIPAL DISCOUNTED CALCULATION
PERIOD CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS N OF IRR CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS CASH FLOWS OF IRR

INPUTS 0 ($865.49) ($865.49) ($865.49) ($865.49) ($865.49) ($865.49) ($865.49) ($865.49)

PAR / FACE VALUE OF
BOND (e.g., $1000) $1,000.00 1 $41.25 $39.62 $0.00 $0.00 $39.62 $41.25 $41.25 $39.62 $0.00 $0.00 $39.62 $41.25

COUPON INTEREST
RATE PER YEAR (e.g., .
06, .105) 8.25% 2 $41.25 $38.05 $0.00 $0.00 $38.05 $41.25 $41.25 $38.05 $0.00 $0.00 $38.05 $41.25
YEARS TO MATURITY
(e.g., 2.0, 1.5) 15.0 3 $41.25 $36.54 $0.00 $0.00 $36.54 $41.25 $41.25 $36.54 $0.00 $0.00 $36.54 $41.25
Rate /
Period 4 $41.25 $35.09 $0.00 $0.00 $35.09 $41.25 $41.25 $35.09 $0.00 $0.00 $35.09 $41.25
CURRENT PRICE OF
BOND (e.g., $1050.25) $ 865.49 4.13% 5 $41.25 $33.70 $0.00 $0.00 $33.70 $41.25 $41.25 $33.70 $0.00 $0.00 $33.70 $41.25
CALL PRICE OF BOND
(e.g., $1050) $1,050.00 6 $41.25 $32.37 $0.00 $0.00 $32.37 $41.25 $41.25 $32.37 $0.00 $0.00 $32.37 $41.25
YEARS TO FIRST CALL
(e.g., 2.0, 2.5) 5.0 7 $41.25 $31.08 $0.00 $0.00 $31.08 $41.25 $41.25 $31.08 $0.00 $0.00 $31.08 $41.25
8 $41.25 $29.85 $0.00 $0.00 $29.85 $41.25 $41.25 $29.85 $0.00 $0.00 $29.85 $41.25
9 $41.25 $28.67 $0.00 $0.00 $28.67 $41.25 $41.25 $28.67 $0.00 $0.00 $28.67 $41.25

OUTPUT 10 $41.25 $27.53 $0.00 $0.00 $27.53 $41.25 $41.25 $27.53 $1,050.00 $700.87 $728.41 $1,091.25
YIELD TO CALL 12.71% 11 $41.25 $26.44 $0.00 $0.00 $26.44 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
**CURRENT YIELD 9.53% 12 $41.25 $25.40 $0.00 $0.00 $25.40 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
**CAPITAL GAINS YIELD 3.18% 13 $41.25 $24.39 $0.00 $0.00 $24.39 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
YIELD TO MATURITY 10.00% 14 $41.25 $23.42 $0.00 $0.00 $23.42 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
**CURRENT YIELD 9.53% 15 $41.25 $22.50 $0.00 $0.00 $22.50 $41.25 $0.00 $22.50 $0.00 $0.00 $22.50 $0.00
**CAPITAL GAINS YIELD 0.47% 16 $41.25 $21.60 $0.00 $0.00 $21.60 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
17 $41.25 $20.75 $0.00 $0.00 $20.75 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
EFFECTIVE ANNUAL
RATE 13.10% 18 $41.25 $19.93 $0.00 $0.00 $19.93 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
19 $41.25 $19.14 $0.00 $0.00 $19.14 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
20 $41.25 $18.38 $0.00 $0.00 $18.38 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
21 $41.25 $17.65 $0.00 $0.00 $17.65 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
22 $41.25 $16.95 $0.00 $0.00 $16.95 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
23 $41.25 $16.28 $0.00 $0.00 $16.28 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
24 $41.25 $15.64 $0.00 $0.00 $15.64 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
25 $41.25 $15.02 $0.00 $0.00 $15.02 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
26 $41.25 $14.42 $0.00 $0.00 $14.42 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
27 $41.25 $13.85 $0.00 $0.00 $13.85 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
28 $41.25 $13.30 $0.00 $0.00 $13.30 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
29 $41.25 $12.77 $0.00 $0.00 $12.77 $41.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
30 $41.25 $12.27 $1,000.00 $297.41 $309.67 $1,041.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
NPV = IRR = NPV = IRR =
$1,000.00 10.00% $1,055.87 12.71%