Determining the yield to maturity of a coupon bond with more than four coupon periods is a two-step process. The first step uses an approximation formula to obtain a first approximation of the true yield. The second step uses an algorithm to advance the first approximation closer to the bond's...

Asynchronous annuities are defined as those in which the frequency of cash flows differs from the frequency of interest compounding. The conventional approach to calculating the present and future values of such annuities is to impute a rate of interest (or return) to a cash flow period, which...