April 2013
Beginner to intermediate
368 pages
8h 22m
English
book
Inside the Yield Book: The Classic That Created the Science of Bond Analysis, 3rd Edition
by Martin L. Leibowitz, Anthony Bova, Stanley Kogelman, Sidney Homer
Content preview from Inside the Yield Book: The Classic That Created the Science of Bond Analysis, 3rd Edition
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Technical Appendix to “Some Topics”
Present Value (PV)
Ci = cash flow at end of year
y = discount rate
M = years to flow’s maturity (i.e., time to last payment)
PV(1, H) = present value of flows received from first through the Hth year (the “present” value is taken here as of the beginning of the first year, or equivalently, as of the end of the 0th year).
For the special case of a level annuity,
Ci = C
and,
Reinvested Future Value (RFV) at Horizon H
RFV(1,H) ≡ accumulated reinvested value from payments in years 1 through year H (after the
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