I'm a bit confused on how to calculate the YTM of a bond with less than a full coupon's worth of periods remaining.
If I have a bond with 7 months to maturity with the next coupon payment due in 1 months, paying out coupons semiannually (so coupon and principal due in 7 months). What's the generalized formula for calculating the YTM of such a bond? Given I have the PV, the FV, and the PMT.
I figured that using =Rate in excel will assume the payments are due at equal intervals, which doesn't sit right considering reinvestment.