A calculation for restating semi-annual, quarterly, or monthly discount-bond or note yields into an annual yield. For a fixed income security with a par value of $1000, the calculation is as follows: 

 



|||The BEY allows fixed-income securities whose payments are not annual to be compared with securities with annual yields. The BEY is the yield that is quoted in newspapers. 

Alternatively, if the semi-annual or quarterly yield to maturity of a bond is known, the APR calculation may be used.