Present value of a bond (You buy a bond, reinvesting coupons at the Yield to
Maturity. How much do you pay?) Bond Value = FV
{ 1/(1+R/m)^{mN} + (C_{r}/R) (1 
(1+R/m)^{mN})}

The Yield to Maturity on a bond Current Price = FV {
1/(1+R)^{N} + (C_{r}/R) (1 
(1+R)^{N})} ... solved for
R (using a gradient method)

If there's a 100 basis point DECREASE in YTM (new YTM becomes YTM1%), what's the (approximate) percentage
INCREASE in Bond Price? Macauley
Modified Bond Duration: BD = 1/(1+y){(1+y)/y  [1+y + n(cy)] / {c[(1+y)^{n}  1] + y}}

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