The effective YIELD of any FIXED INCOME instrument issued on a discount, rather than COUPONbearing, basis, generally computed as: where Face is FACE VALUE, P is purchase price, and nMAT is the number of days until maturity. See also BOND EQUIVALENT YIELD, SIMPLE YIELD, TAXABLE EQUIVALENT YIELD, YIELD TO CALL, YIELD TO MATURITY.
What is DISCOUNT YIELD?
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