Free tool
Work out a bond's current yield and an approximate yield to maturity from its price, coupon and time to maturity, and convert a tax-free yield into its tax-equivalent yield.
Built for Series 7 and securities exam prepEnter the face value, price, coupon and years to maturity.
Yield calculations are a staple of securities licensing study. Encodr turns the formulas into spaced-repetition practice so they hold until exam day.
Get started freeCurrent yield is the annual coupon divided by the current market price. A $1,000 bond with a 5% coupon pays $50 a year; at a price of $950 the current yield is 50 / 950 = 5.26%.
Yield to maturity (approximation). The shortcut formula is
(annual coupon + (face - price) / years) / ((face + price) / 2). For the same bond over 10 years:
(50 + 5) / 975 = 5.64%. This is an approximation; a true yield to maturity is found by solving for the rate that
discounts every remaining cash flow to the price, and it will differ slightly.
Tax-equivalent yield is tax-free yield / (1 - tax rate). A 4% tax-free yield for
someone in the 32% bracket is 4 / 0.68 = 5.88%, the taxable yield needed to match it after tax.
A bond priced below face trades at a discount, so its yield to maturity is higher than its coupon rate; above face is a premium, and the reverse holds. This calculator is for study and does not account for accrued interest, call features, day counts or taxes on gains, and it is not investment advice.
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