Running head: YIELD TO MATURITY PAPER Yield to Maturity Paper Andre Olivier University of Phoenix Introduction to Finance and Accounting MBA 503 Bersant Hobdari July 11, 2007 Yield to Maturity Paper This paper will discuss the concept of yield to maturity and provide an example valuation of a bond. Analysis The valuation of a financial asset is based on determining the present value of future cash flows. Thus we need to know the value of future cash flows and the discount rate to be applied to the future cash flows to determine the current value. (Block & Hirt, 2004, p. 269). Yield to maturity is defined by (James, 2007) as - The yield of a bond to maturity takes into account the price discount from or premium over the face amount. It is greater than the current yield when the bond is selling at a discount and less than the current yield when the bond is selling at a premium. The valuations of the financial assets that are discussed are bonds, preferred stock and common stock. (Block & Hirt, 2004, p. 288). The discount rate or market-determi......

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