where 
p the current market pricec the annual coupon paymentcp the call pricet the number of years remaining until the call dateytc the yield to callbased on this formula the yield to call cannot be solved directly an iterative process must be used to find the yield to call if the calculation is being done by hand fortunately many software programs have a solve for function that s capable of calculating such values with a click of the mouse yield to call exampleas an example consider a callable bond that has a face value of 1 000 and pays a semiannual coupon of 10 the bond is currently priced at 1 175 and has the option to be called at 1 100 five years from now note that the remaining years until maturity does not matter for this calculation using the above formula the calculation would be set up as 1 175 100 2 x 1 1 ytc 2 2 5 ytc 2 1 100 1 ytc 2 2 5 through an iterative process it can be determined that the yield to call on this bond is 7 43 