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Article

Adjusting Current Yield to be a Better
Approximation of Yield to Maturity

Tom Arnold and John H. Earl
The Journal of Wealth Management Fall 2014, 17 (2) 31-33; DOI: https://doi.org/10.3905/jwm.2014.17.2.031
Tom Arnold
is an associate professor in the Department of Finance, the Robins School of Business at the University of Richmond in Richmond, VA.
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  • For correspondence: tarnold@richmond.edu
John H. Earl
is an associate professor in the Department of Finance, the Robins School of Business at the University of Richmond in Richmond, VA.
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  • For correspondence: jearl@richmond.edu
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Abstract

Current yield is a common approximation for abond’s yield to maturity. The approximation becomes less accurate as the bond price moves away from par value. By performing a relatively easy calculation that incorporates an annuity calculation with the coupon rate, an adjustment to current yield can be generated that is a much better approximation of the actual yield to maturity.

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The Journal of Wealth Management: 17 (2)
The Journal of Wealth Management
Vol. 17, Issue 2
Fall 2014
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Adjusting Current Yield to be a Better
Approximation of Yield to Maturity
Tom Arnold, John H. Earl
The Journal of Wealth Management Jul 2014, 17 (2) 31-33; DOI: 10.3905/jwm.2014.17.2.031

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Adjusting Current Yield to be a Better
Approximation of Yield to Maturity
Tom Arnold, John H. Earl
The Journal of Wealth Management Jul 2014, 17 (2) 31-33; DOI: 10.3905/jwm.2014.17.2.031
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    • A DIFFERENT VIEW OF BOND PRICING
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