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The present value relationship can be written as:

$P=\sum_{k=1}^K c(k) D(t_k)$

where P is the present value of the asset, {c(k)}k = 1,..K is the sequence of cash-flows from the asset, t_k is the time to the k-th cash-flow in periods from the present, and D(t) is the discount function for time t.
With continuous compunding:

D(t) = e^{-y t}

With discrete compunding:

D(t) = (1+fy)^-(t/f)

where f > 0 is the frequency, the reciprocal of the number of compoundings per unit time period and y is the yield-to-maturity. The YIELD function solves for y.

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