this is the formula that I wrote and we’re looking for x: 100 = 4.37/(1.025) + 4.37/(1.03)2 + 4.37/(1.035)3 + 4.37/(1.04)4 + 104.37/(1+x)5
now, you know the coupon is 4.37, here’s what I’d do:
find 4.37/1.025, then store it
find 4.37/1.032 then store it
find 4.37/1.0353 then store it
find 4.37/1.044 then store it
press 100, and then subtract it by the sum of values from step 1-4
using the value you got from step 5, press 1/x and then multiply it by 104.37
using the value you got from step 6, press yx and enter 0.2
subtract value from step 7 by 1 to arrive at the 5-year spot rate
if you need help or explanations on how/why to do some of these steps quickly, message me directly rather than replying in this thread. I can do all 8 steps in less than a minute. practice using your calculator to its utmost potential. I can do all these steps in less than a minute and so can you.
if you are not confident with storing and recalling values in your calculator, then you should just write down the values you get in each step.