By Yield to Maturity?

The yield to maturity, book yield or redemption yield of a bond or other fixed-interest security, such as gilts, is the internal rate of return earned by an investor who buys the bond today at the market ...

What do you mean by yield to maturity?

Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. ... In other words, it is the internal rate of return (IRR) of an investment in a bond if the investor holds the bond until maturity, with all payments made as scheduled and reinvested at the same rate.

What is the meaning of Macaulay duration?

The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price. Macaulay duration is frequently used by portfolio managers who use an immunization strategy.