Adjust the inputs below. Results update as you type.
Bond price = PV of all coupon payments + PV of face value, discounted at YTM. When market rates rise, bond prices fall—and vice versa. Current yield = annual coupon / market price. YTM requires iterative solving (Newton-Raphson). Duration measures interest rate sensitivity; higher duration means greater price swings for a given rate change.
Semi-annual coupon bond priced as a percent of $100 par (clean price approximation).
Price (% of par)
96.1932%
On a $1,000 face bond, about $961.93.